Muthoot Microfin has partnered with the State Bank of India (SBI) to provide loans to women entrepreneurs in rural and semi-urban India making them empowered. The initiative aims to meet the growing demand for cost-effective financial products and services among women in agriculture and income-generating activities.
Kochi-based micro lender offers loans to agriculture and income-generating enterprises, supporting women's economic empowerment. With 3.35 million active customers serving across 1,508 branches over the nation and a gross loan portfolio of Rs 12,193.50 crore. The ventures collaboratively offer loans to joint liability groups ranging from Rs 10,000 to Rs 3 lakh.
Muthoot Microfin Chief Executive Sadaf Sayeed mentioned, "To take financial inclusion to the next level, we have collaborated with the largest bank, i.e. SBI. I am convinced that with this partnership we will be able to offer a wide range of products and services to our clients, most importantly it will help us in meeting the growing demand of our women entrepreneur clients cost-effectively."
Through this co-lending partnership, SBI and Muthoot Microfin will provide women entrepreneurs with access to credit at competitive interest rates. This partnership aims to empower women entrepreneurs by offering tailored loan products and flexible repayment terms. The partnership also emphasizes financial literacy and capacity-building programs, fostering economic independence and self-reliance.
