Muthoot Microfin announced a strategic co-lending partnership with the State Bank of India (SBI) on Thursday to enhance financial services for women in economically weaker segments in rural and semi-urban regions across India. This collaboration aims to provide loans to women entrepreneurs engaged in agricultural and allied activities, as well as other income-generating enterprises.
Under the co-lending arrangement, loan amounts will range from Rs 10,000 to Rs 3 lakh, targeting members of joint liability groups. Muthoot Microfin’s Chief Executive, Sadaf Sayeed, highlighted the significance of this partnership with India's largest bank, emphasizing that it would help in meeting the growing demand for financial products among women entrepreneurs in a cost-effective manner.
Muthoot Microfin, headquartered in Kochi, serves about 3.35 million active customers through 1,508 branches nationwide. As of the end of March, the micro lender's gross loan portfolio stood at Rs 12,193.50 crore.
This partnership is part of Muthoot Microfin’s broader effort to advance financial inclusion by leveraging SBI's extensive network and resources, offering its clients a wider range of financial products and services. The collaboration is expected to support the economic empowerment of women entrepreneurs, contributing to their business growth and sustainability.
