Moneyboxx Finance Limited (Moneyboxx), a BSE-listed Non-Banking Finance Company today announced that it has got sanction and disbursement of Rs 7.5 crore by way of Term Loan from DCB Bank Limited for on-lending to individuals for agri and allied activities which falls under Priority Sector Lending.
Moneyboxx Finance provides small-ticket loans to micro and small enterprises in Tier-2 cities and towns. With the current round of fundraising, it has so far received sanction of Rs 30.9 crore debt during the current fiscal out of which Rs 23.9 crore has been availed.
The NBFC plans to raise a total of over Rs 105 crore of debt from various lenders in FY22. It plans to utilise the proceeds to support its disbursement target of Rs 150 crore in FY22, which will be 2.7 times of its lending in FY21, it said in a press release.
Deepak Aggarwal, Co-CEO & CFO, Moneyboxx Finance Ltd said, “On-boarding of DCB is a big event for us as they are the first scheduled bank as a lender which paves the way for larger debt rounds in times to come. The funds will help us to further our cause of supporting the deserving micro enterprises and create a positive impact in this segment."