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SIDBI partners with VFS to extend MSME loans

VFS Capital will extend MSME loans upto Rs 5 lakh at 13 per cent interest rate per annum, a top company official said.

January 16, 2023 / 01:09 PM IST
SIDBI

SIDBI

The Small Industries Development Bank of India (SIDBI) has entered into a partnership with VFS Capital to extend loans to the MSME sector, the Kolkata-based microfinance institution said.

VFS Capital will extend MSME loans upto Rs 5 lakh at 13 per cent interest rate per annum, a top company official said.

"We have tied up with SIDBI to provide loans to the SME and MSME sectors. VFS Capital expects to disburse Rs 30-40 crore under the scheme this fiscal," MD and CEO Kuldip Maity said.

The loan book of the MFI during 2022-23 is expected to be around Rs 1,100-1,200 crore from Rs 805 crore in the last financial year, he said.