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Microfinance entity securitises MF loans worth Rs 262 crore

Non-banking financial company Asirvad Microfinance Ltd, a subsidiary of Manappuram Finance Ltd, has securitised microfinance loans worth Rs 262 crore in a deal with a leading public sector bank, the company said on Thursday.

migrator

Chennai

“This deal, following closely on the heels of an ECB transaction with the US based WorldBusiness Capital, reaffirms the confidence that leading lending institutions have in India’’s microfinance sector and its prospects for growth”, company managing director Raja Vaidyanathan said in a press release.

Earlier in May 2021, the company raised $15 million loan from WorldBusiness Capital Inc based in the US.

Proceeds from the loan would enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas, the release added.

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