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Electronica Finance Ltd (EFL), a Pune-based non-banking financial company (NBFC) specialising in financing MSMEs, entered into Telangana market by opening seven branches in Warangal and Suryapet. The company aims to cater to the aspirations of small businesses in Telangana by offering seamless credit facility in the most transparent manner.
EFL is looking forward to offering its Loan Against Property product in Telangana, after already offering in Gujarat, Rajasthan and Madhya Pradesh markets. The company also plans to open more than 50 branches across geographies including Telangana, thereby increasing penetration and entering new locations.
“It is estimated that Telangana is home to about 2.6 million MSMEs, out of which 56 per cent are in rural areas where EFL plans to give loans to customers who are borrowing for the first time,” Shilpa Pophale, Managing Director & CEO, Electronica Finance told newspersons here on Tuesday.
EFL has more than 175 branches across India and is aiming to take this count to 500 branches in the next five years, as well as double the manpower staff. “This growth will be complemented by introducing new products, investing into technology and refining existing processes,” added Pophale.
Electronica Finance Ltd (EFL), part of the SRP Electronica Group, was incorporated in 1990.
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