Over the course of five years, Moneyboxx Finance plans to offer lines of credit to 1 million MSMEs
BENGALURU: Moneyboxx Finance, an ou pas financial corporation (NBFC) that offers small-ticket lending to micro and small firms, hopes to serve 1 million lenders over the course of the next five years as a result of the recovery in economic demand following the epidemic. It plans to provide them secured loans of $3-7 lakh and "unsecured" business loans of $1 to $3 lakh in tier 3 and below locations.
With more than 130 crore in current assets managed (AUM), Moneyboxx is expected to reach 400 crore but by end of FY23. To far, Moneyboxx has given loans to 15,000 borrowers, 33% of whom are first-time loans and 33% of whom are female entrepreneurs.
According to a statement from the company, Moneyboxx is the one NBFC in India that assists its clients in expanding their businesses after loans have been disbursed by offering complimentary services. Examples include veterinarians for dairy farmers who counsel clients on increasing milk yield, choosing feedstock carefully, maintaining the health of their cattle, using artificial insemination to reproduce, raising awareness of government programs for cattle insurance, etc.
According to Deepak Aggarwal, co-founder of Moneyboxx Finance, "to meet the unmet credit needs and generate greater impact, we are concentrating on doubling our branches and staff strength in FY23 connecting our efforts with the objective to affect around 1 million lives in the following five years."
According to Deepak Aggarwal, co-founder of Moneyboxx Finance, "to meet the unmet credit needs and generate greater impact, we are concentrating on doubling our branches and staff strength in FY23 connecting our efforts with the objective to affect around 1 million lives in the following five years."
The NBFC is also putting multiple impact initiatives into practice, such as giving farmers advice on how to improve soil health for farming systems and facilitating the seeding of fruit-bearing trees for a significant increase in income over the next three to five years, among other things.
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