New Delhi: Good news for people living in remote areas who wish to start their own business! Getting a loan from State Bank of India to set up a business or grow a business in a remote area will now be easy as SBI has signed a co-origination loan agreement with RBI registered non-banking financial company (NBFC) Paisalo.

According to the agreement, the loan ticket is designed at Rs 10,000 to Rs 2 lakh. The company is expected to disburse about 2 lakh loan application in FY20. It may be noted that Paisalo Digital Limited is non-deposit taking NBFC registered with RBI and it has been in operations since 1992. The company has about 118 branches in rural areas, with a team of persons over 1,500. The aim of this agreement is to empower agriculture, MSME segment as well as small businesses.

Paisalo MD, Sunil Aggarwal said in a statement, "We at PAISALO have always believed in our mission of conducting business with a social conscience and we intend to continue this thought throughout our journey. We are delighted to associate with State Bank of India as their first co-lending partner, and are thankful to the State Bank of India for their trust."

He further added, "We at Paisalo have always believed in our mission of conducting business with a social conscience and we intend to continue this thought throughout our journey. We are delighted to associate with the State Bank of India as their first co-lending partner, and are thankful to the State Bank of India for their trust."

Worth mentioning here is that the company has serviced about 10 lakh borrowers till date and it has over 2.5 lakh borrowers currently. With this agreement, the company is aiming to boost the priority sector lending space in the country. This agreement will provide a platform for the last mile customers.

Published On : 11-04-2019

Source : Times Now News