NBFC firm Moneyboxx Finance Ltd (MBFL), which provides small loans in Tier 2 and Tier 3 cities, said Sunday it intends to triple loan payments of up to Rs 180 crores during 2021-22 by expanding its activities in new geographic regions.
With assets under management of Rs 62 crores, the company made loans of Rs 55 crores during the fiscal year ended March 2021.
The company plans to enter Uttar Pradesh by opening branches in the western part of the state, MBFL said in a statement.
In addition, the company will also expand its presence in states – Punjab, Haryana, Rajasthan and Madhya Pradesh – where it already has a presence.
MBFL Co-CEO Mayur Modi said: “The company has aggressive plans to at least triple its loan book for the current fiscal year, including new branch openings and staff expansion. “
Speaking of collection, he said MBFL has one of the best non-bank finance companies (NBFCs).
“Our collection accounted for over 99 percent of collections between March and August 2020, and also between April and May 2021. Given our strong financial position, we believe it is time for us to expand our presence, ”he added.
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