MUMBAI: PAISALO Digital Limited is a systemically important non-deposit taking NBFC registered with the Reserve Bank of India and has been in operations since 1992.
With a vision of empowering the AGRI, MSME segment and small businesses, the company, on Monday signed the first co-origination loan agreement with State Bank of India. This will introduce a platform for the last mile customer, the loan ticket is designed at Rs 10,000 to Rs 2 lakh. The company expects to disburse 200,000 loan applications in FY20.
The company has AUM of over Rs 2,000 crore with a net worth of Rs 671.9 Crore and a CAR of 31.73% as on Q3FY19. It has serviced nearly 10,00,000 borrowers and has over 2,50,000 live borrowers. It serves customers with 118 branches in rural areas, serviced by a team of persons over 1500. With business operations in Uttar Pradesh, Maharashtra, Himachal Pradesh, Gujarat, Rajasthan, Delhi, Haryana, Punjab, Uttarakhand and Bihar.
In a statement, Sunil Agarwal, Managing Director, PAISALO said, "SBI and PAISALO intend to enable the customers to reach us with ease and use it for smooth loan disbursal and repayment easily. We aim at partnering with the people in the growth journey of their business and help them contribute to maximum job creation. Our loan ticket and tenure is designed to cater to this special segment for their working capital and other requirements."
Santanu Agarwal, Chief Innovation Officer, PAISALO in a statement said, "We acknowledge the constructive disruption technology has brought in the lending space, we are committed to leveraging it to reach the maximum end-users at a minimum cost, a benefit that we can pass it on to them. We aim to be available-aware-affordable.