Moneyboxx Finance Ltd (MBFL), which provides small-ticket loans in tier-2 and tier-3 cities, on Sunday said it aims to triple loan disbursement to Rs 180 crore during 2021-22 by expanding its operation to new geographies. With the assets under management of Rs 62 crore, the company had disbursed loans of Rs 55 crore during the financial 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. Besides, the company will also expand its presence in states -- Punjab, Haryana, Rajasthan, and Madhya Pradesh -- where it is already present.
MBFL co-CEO Mayur Modi said, 'The company has aggressive plans to at least triple its loan book during the current fiscal, including the opening of more branches and expanding workforce.' Talking about the collection, he said MBFL has one of the best across all non-banking financial companies (NBFCs). 'Our collection was over 99 percent collections during March-August 2020 as well as April-May 2021. With a strong financial position, we believe the time is ripe for us to expand our footprints,' he added.