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Asirvad Microfinance Securitises MF Loans Worth Rs 262 Crore

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

Photo Credit : Shutterstock

1525933843_7JdBLP_mutualfund-growth-shutterstock_870.jpg

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.

'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 USD 15 million loan from WorldBusiness Capital Inc based in the United States.

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. 

(PTI)