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Business EconomyPosted at: Jun 6 2023 4:00PM


Kinara Capital to disburse Rs 800 cr collateral-free loans to MSMEs in Telangana, AP in FY24

Hyderabad, June 6 (UNI) Kinara Capital, a fast-growing fintech company and is globally recognised for disrupting the small business lending model in India, on Tuesday announced it aims to disburse Rs 800 crore worth of collateral-free business loans to MSMEs in the both telugu states of Telangana and Andhra Pradesh in the Financial year 2023-24.
In last year, it had disbursed Rs 500 crore worth loans to micro and small-enterprises in the urban and semi-urban regions across the both telugu states, Bangalore-headquartered Kinara Capital Chief Operating officer (COO) Thirunavukkarasu R (Thiru R ) said at a press conference here.
Currently, our operations are in six states including Telangana, Andhra Pradesh , Tamil Nadu, Bangalore and Gujarat, covering over 4,000 pin codes in more than 100 cities, he said that we will expand our operations in Rajasthan and Madhya Pradesh by next year.
Since fintech began its operations in this region in 2016, the company has disbursed over 20,000 crore business loans mostly to micro and small enterprises across the states of Telangana and Andhra Pradesh, Thirunavukkarasu said the company has disbursed more than Rs 1,200 crore to date to MSMEs in Telangana and Andhra Pradesh which led to over Rs 36 crore in incremental income generation for the small business entrepreneurs and created over 16,000 new jobs in the local economies.
Besides more than 300 sub-sectors , the highest loans disbursement in the major MSME sectors in the both telugu states are—food processing, electrical, building materials, fabrication, wood product, textiles and metal components, he informed.
Currently, Kinara Capital has 27 branches across Telangana and Andhra Pradesh with nearly 300 field employees in this region, the COO said that we are planning to open eight new branches in this region this year and also plans to hire about 150 people in FY24 to strengthen its customer service in this region.
Fintech’s ‘myKinara App’ available in seven languages including Telugu to eases access to credit for MSMEs, he said collateral-free business loans range of Rs 1 to 30 lakh with various products including the long-term and short-term working capital, Asset purchase (machinery purchase) and Bill discounting loans and added that the company would provide discount between 8-10 per cent for women-owned MSMEs on business loans under ‘HerVikas Program’ that empowers women entrepreneurs.
The average loan ticket size is Rs 8 to 9 lakh and the tenor will be 12 to 60 months, he said the interest rate starts from 22 per cent up to 26 per cent.
We are planning to introduce a ‘Business credit card’ for small businesses. The company has disbursed over Rs 5000 crore till date for 90,000 collateral free business loans across the country and our target is to disburse Rs 7,500 crore in the next two years, he added.
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Tags: #Kinara Capital to disburse Rs 800 cr collateral-free loans to MSMEs in Telangana# AP in FY24
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