Muthoot Microfin Ltd has entered into a partnership with State Bank of India (SBI) for co-lending to members of joint liability groups (JLGs) engaged in agricultural and allied activities as well as other income-generating enterprises.
The loan amounts will range from a minimum of ₹10,000 to a maximum of ₹3 lakh, aimed at boosting rural women entrepreneurs, Muthoot Microfin, which is a part of the Muthoot Pappachan Group (also known as Muthoot Blue), said in a statement.
Thomas Muthoot, Managing Director, Muthoot Microfin Ltd, said, “Our collaboration with SBI will enable us to deepen our reach by addressing the diverse financial needs of rural women.
“Providing these women entrepreneurs with access to credit and supporting them in their entrepreneurial journey is our aspiration with this partnership.”
Sadaf Sayeed, CEO, Muthoot Microfin Ltd, said that the company will be able to offer a wide range of products and services, especially to meet the growing credit demand of women entrepreneurs in a cost-effective manner.