As per news reports, to empower the Agriculture, MSME segment and small businesses, PAISALO Digital Limited, a systemically important non-deposit taking NBFC registered with the Reserve Bank of India which has been in operations since 1992, has signed the first co-origination loan agreement with the State Bank of India.
This move will introduce a platform for the last mile customer, the loan ticket is designed at ₹10,000 to ₹ 2 lakh. The company is also likely to disburse 200,000 loan applications in FY20.
Reports say that the company has AUM of over ₹ 2,000 crore with a net worth of ₹ 671.9 crore and a CAR of 31.73% as on Q3 FY19. In fact, it has also serviced nearly 10,00,000 borrowers and has over 2,50,000 live borrowers.
At present, the company serves customers with 118 branches in rural areas, serviced by a team of over 1500 people with business operations in the states of Uttar Pradesh, Maharashtra, Himachal Pradesh, Gujarat, Rajasthan, Delhi, Haryana, Punjab, Uttarakhand and Bihar.
Sunil Agarwal, Managing Director, PAISALO said in a statement that, “SBI and PAISALO intend to enable the customers to reach us with ease and use it for smooth loan disbursal and repayment easily. We aim at partnering with the people in the growth journey of their business and help them contribute to maximum job creation. Our loan ticket and tenure are designed to cater to this special segment for their working capital and other requirements.”
“We acknowledge the constructive disruption technology has brought in the lending space, we are committed to leveraging it to reach the maximum end-users at a minimum cost, a benefit that we can pass it on to them. We aim to be available-aware-affordable”, said Santanu Agarwal, Chief Innovation Officer, PAISALO.