Equitas Micro Finance to set up more branches

Tiruchirapalli, May 9: Equitas Micro Finance India Private Ltd will be establishing ten more branches in Chennai city before the end of the current fisal adding to its existing ten branches, Business Head T Balasubramani said.

He told newsmen here today the company had five branches here and planned to add five more in Tiruchirapalli before venturing into Madurai, Coimbatore, Salem and Erode in the next three months.

The Chennai-based four-month-old microfinance company, with an initial investment of Rs 14 crore equity, will get another Rs 36 crore as fresh equity before end of this month.

So far they had disbursed Rs 26 crores and proposed to disburse another Rs 180 crore during th current fiscal. At present they having a customber base of about 1.80 lakh members.

The company planned provide education and festival advances to the needy in the next six months with an upper limit of Rs 3,000.

To a question, he said they planned to disburse 50,000 loans worth Rs 50 crore during the current year.

UNI