Asirvad Microfinance securitises Rs 262-crore loan in deal with PSB

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Raja Vaidyanathan, MD of Asirvad Microfinance, said, “This deal, closely on the heels of an ECB transaction with US-based WorldBusiness Capital, reaffirms the confidence leading lending institutions have in India’s microfinance sector and its prospects for growth.”

In May 2021, the company raised $15-million loan from WorldBusiness Capital, based in Hartford, Connecticut.

Asirvad Microfinance, a subsidiary of Manappuram Finance, said on Wednesday it has securitised microfinance loans worth Rs 262 crore in a deal with a public sector bank.

Raja Vaidyanathan, MD of Asirvad Microfinance, said, “This deal, closely on the heels of an ECB transaction with US-based WorldBusiness Capital, reaffirms the confidence leading lending institutions have in India’s microfinance sector and its prospects for growth.”

In May 2021, the company raised $15-million loan from WorldBusiness Capital, based in Hartford, Connecticut.

Proceeds from the loan availed will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their busineses, he added.

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