HomeBUSINESSMoneyboxx Finance aims to provide business loans to 1 million MSMEs over...

Moneyboxx Finance aims to provide business loans to 1 million MSMEs over 5 years


BENGALURU: With the revival in economic demand post pandemic, Moneyboxx Finance, a non-banking financial company (NBFC) , which provides small-ticket business loans to micro and small enterprises, aims to cater to 1 million borrowers over the next five years. It aims to provide them ‘unsecured’ business loans of 1-3 lakh and secured loans of 3-7 lakh in tier-3 and below areas.

The listed NBFC aims to provide credit for livestock purchase, working capital, and income generation purposes.

With current assets under management (AUM) of more than 130 crore, Moneyboxx is set to cross 400 crore in AUM by the end of FY23. Moneyboxx has already extended loans to 15,000 borrowers so far, of which 33% are first-time borrowers and 33% are women entrepreneurs.

According to a company statement, Moneyboxx is the only NBFC in India that supports its customers post disbursal of loans in growing their business by providing complimentary services such as vets for dairy farmers who advise borrowers on improving milk yield, feedstock selection, cattle health, reproduction through AI, creating awareness about government schemes on cattle insurance etc.

“To address the unmet credit needs and create larger impact, we are focusing on doubling our branch network and employee strength in FY23 aligning our efforts with the goal to impact over 1 million lives in the coming 5 years,” said Deepak Aggarwal, co-founder at Moneyboxx Finance.

The NBFC is also implementing multiple impact initiatives like advising farmers on improving soil-health for sustainable farming and facilitating planting of fruit-bearing trees for significant growth in income over the next 3-5 years, etc.

The company started its operations in February 2019, and currently has 38 branches spread across five states – Rajasthan, Punjab, Haryana, Madhya Pradesh, and Uttar Pradesh.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.


Source link


Most Popular

Recent Comments