After establishing itself in South India, NBFC KLM Axiva plans pan-India expansion with 300 branches
With major presence in Kerala and Tamil Nadu at present, the company expects to add 10-15 branches in Mumbai alone immediately.
NBFC-MFIs are the second largest provider of microcredit, with a loan amount outstanding of Rs 87,444 crore or 34.2 per cent of the total industry portfolio. / Representative image | Pixabay
KLM Axiva Finvest Limited, the South-based non-banking financial company (NBFC), plans to expand pan India by adding over 300 branches across the country by the next phase . With major presence in Kerala and Tamil Nadu at present, the company expects to add 10-15 branches in Mumbai alone immediately.
Launching its 7th NCDs (Non-convertible debentures) issue worth Rs 200 crores, the company said on Tuesday that it aims to expand its gold loan services. The issue, which started from September 15, will continue till October 12, KLM said.
"It is our strategic decision to launch the NCD issue for attaining our gold loan objective. We are expanding our horizon from economic perspectives, especially in the states of Maharashtra, Andhra Pradesh and Telangana in the first phase of expansion and will add branches in Odisha, West Bengal and Goa in the next," said Srikant Nair, Vice President, KLM Axiva.
KLM currently operates a total of 500 branches across South India.
As an NBFC, KLM primarily focuses on low and middle income individuals and businesses with limited or no access to formal banking and finance channels. The company offers a variety of gold loan schemes to its customers. The schemes differ in relation to the amount advanced per gram of gold, tenure, interest rate chargeable and amount of loan.
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