NBFC to expand base to Gujarat

Pune-based Suryoday Micro Finance Private Limited, a new generation non-banking finance company (NBFC) engaged in providing loans to women from economically weaker section, is now entering Gujarat.It is also planning to strengthen its base in Mumbai. The company will open five branches each in Gujarat and Mumbai.

"At present, we have a network of 31 branches spread across Maharashtra, Tamil Nadu, Andhra Pradesh and Orissa with largest network of over 20 branches in Maharashtra itself. We are looking at entering Gujarat and expanding our base in Mumbai in the current financial year,'' R Baskar Babu, CEO of the company told reporters recently.

"With a modest beginning of loan disbursement of around Rs1 crore with 1,000 customers in April 2009, we have made a steady progress to reach the current loan outstanding figure of Rs50 crore with a customer base of around 95,000 customers. We are now aiming to double this figure by the end of this financial year,'' he added.

Suryoday has launched a special drive under which it facilitates the introduction of micro finance customers to traditional banking after 3-4 cycles of micro finance loan, so that they get primary banking facilities like savings account and bank loan.Thecompany is also in the process of reducing the cash disbursement of loans to its micro finance customers.