New Delhi, Aug 25 (KNN) In a bid to expand lending operations for the Micro, Small and Medium Enterprises (MSMEs) in the state of Rajasthan, Prest Loans has announced an office in Jaipur.

The Fin Tech NBFC- Prest Loans have also announced fresh targets of disbursing loans worth 100 crores to the MSME sector.

In a press interview, Ashok Mittal, Founder and CEO of the company emphasized the need to cater to the underfed MSME segment in terms of credit, specifically in the state of Rajasthan.

Mittal said that the state has tremendous potential in different fields such as industry, trade as well as service sector. But for the development of business along these lines, credit is must, something which his company aims to tap upon.

The NBFC’s expansion of operations in Jaipur is also backed by the applications it has been receiving from the region seeking credit facilities from MSMEs operating in different sectors.

Prest Loans will be offering its clients in Rajasthan unsecured business loans for a period of 3 years and secured business loans with collateral for short term of up to 5 years. Also long term loan u to 10 years will be facilitated by the institution.

The bank works on a cash flow analysis mechanism backed by IT based lending process wherein the MSMEs get the loans approved in shorter time as compared to the offline application procedures. (KNN/ DA)