Moneyboxx Finance provides ₹ 50 crore term loan to SBI | Rare Techy

The company will use the funds for subsequent lending to micro-entrepreneurs in the agricultural and allied sectors.

“This loan from SBI, along with the continued coverage of debt from 21 existing lenders, will provide adequate liquidity again in line with the company’s plans to increase its AUM. ₹190 Crore from October 22 to ₹400 kroner until March 23,” the press release said.

Deepak Aggarwal, Co-Founder, Moneyboxx said, “We are very excited and grateful to SBI for this vote of confidence in our highly successful and unique fiat business model, where we not only provide growth capital to agribusinesses. provide to the small and marginal, but also complement this with important initiatives outside of lending, while maintaining the quality of the latter’s capital. The concept of credit from SBI will be by addressing unmet need and growth loan in the small business loan segment of INR 1-10 lacs to help boost our efforts in promoting financial inclusion. With a robust and highly scalable business model in place, supported by fully digital processing and risk analysis capabilities done, we are poised to create a greater positive impact on small businesses across small towns.”

Moneyboxx drives financial inclusion by meeting the unmet credit needs of micro entrepreneurs in Tier-3 and below regions. With accumulated disbursements of over INR 320 crore, the company has changed the lives of over 20,000 borrowers, of which 45% are women and 38% are new borrowers, the company said in a statement.

The company has made lasting and transformative changes in the lives of borrowers through various effective initiatives such as its free counseling service for animal borrowers and free planting of fruit trees for its borrowers who own agricultural land, thereby providing an alternative source of income. . .

Launched in 2019, Moneyboxx has more than 47 branches spread across Punjab, Haryana, Rajasthan, Madhya Pradesh, and Uttar Pradesh. It focuses on disbursing unsecured small ticket business loans to individual borrowers (farmers, Kiranas, traders, micro-manufacturers in Tier-II and III cities) with loans from ₹50,000 to 3,00,000, for 24 months on average.