Aye finance to provide loans to MSMEs in South India
New Delhi, Apr 26 (KNN) Lack of credit flow being an important problem the MSMEs face, micro finance lender Aye Finance, has recently announced its plans to extend its loan facilities to the MSMEs in the southern part of the country.
Recognizing the potential in the states of Tamil Nadu and Karnataka as centers for manufacturing, handloom and other various small scale industries, the company has already disbursed loans of Rs 10 crores to the MSMEs in these states.
The company delivers business loans against mortgage or hypothecation to the MSME sector, at present the finance company operates through its 33 branches spread across the country.
The financial body approves the loan through a technological process that analyses business and behavioural data of the MSMEs
Aye Finance intends to help sustain employment at the bottom of the pyramid by financing MSMEs. As of now the disbursed loans have been able to benefit 100,000 families, the company claims. Also the company aims at impacting 10 million households by 2020. (KNN/ DA)