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Spandana Sphoorty to increase micro-LAP

Hyderabad-based lender Spandana Sphoorty Financial is planning to scale up the micro-loan against property (LAP) and nano-enterprise book in 2024-25 (April-March). Both these products are offered by the company’s subsidiary CRISS Financial. “We started micro-LAP and non-enterprise loan in five states last year and build a book of Rs 52 crore and around 3,000 customers there. We are planning to take that book to Rs 400-500 crore this year,” managing director and chief executive officer Shalabh Saxena said. “We are eager to pursue that line because it adds a secured portion to our overall portfolio,”
he added.

The average ticket size for micro loan against property is Rs 5 lakh. The average ticket size for nano-enterprise loans, or loans to shopkeepers ranges from Rs 50,000 to Rs 1 lakh. The company has launched these products in Rajasthan, Madhya Pradesh, Andhra Pradesh, Karnataka, and Tamil Nadu. The company is developing a digital application where existing customers can access account details online.

The application will likely be launched by September 30.The microfinance company’s assets under management rose 41% year-on-year to Rs 11,973 crore as on March 31. Disbursements rose 30% year-on-year to Rs 3,970 crore in the March quarter. The net interest margin rose to 14.6% in the March quarter from 13.9% a year ago.