It acknowledged that its new product, Samunnati Instant Pre-approved Loans (Sam IPL), which targets FPOs and farmer collectives, has acquired a constructive response. The loans, which can be found with out the necessity for collateral, have a most mortgage quantity of 5 lakh and can be found by a digital window.
Samunnati, an agri-value chain enabler, has seen a surge in demand from FPOs for working capital necessities (farmer producer organizations). It acknowledged that its new product, Samunnati Instant Pre-approved Loans (Sam IPL), which targets FPOs and farmer collectives, has acquired a constructive response.
The loans, which can be found with out the necessity for collateral, have a most mortgage quantity of 5 lakh and can be found by a digital window.
Though it is not going to request collaterals, the digital platform will carry out a fast CIBIL rating examine and PAN validation. Verifying the main points and sending an in-principle sanction letter takes only some minutes.
“We don’t require any collateral.” We had been capable of disburse 37 crores to roughly 600 FPOs in simply 9 months, demonstrating the demand for such loans,” mentioned Pravesh Sharma, Director of Samunnati Agro.
“While we finished the year with 33 crores, the momentum continued through April 2022, assisting us in crossing the 37-crore mark,” he mentioned.
Seeing a excessive demand for the working capital necessities of FPOs and farmers’ collectives, the corporate intends to achieve out to a further 600 FPOs this yr.
“It is clear that the next wave of the digital revolution will come from rural India, and our FPO Gateway aims to be at the forefront of enabling this revolution for FPOs,” mentioned Anil Kumar SG, Founder, and CEO of Samunnati Agro.
Over 1,500 farmer cooperatives have signed up for its FPO Gateway. The Chennai-based firm has a presence in over 100 Agri worth chains throughout 22 states within the nation.
It is began in 2014 as the one specialised Agri Value Chain Solutions supplier, the group is steered by one imaginative and prescient ‘to make market work for the smallholder farmers by making the worth chains function at the next equilibrium. Headquartered in Chennai, Tamil Nadu, India, Samunnati has its presence in additional than 54 Agri worth chains unfold over 19 states in India.
First printed on: 27 Apr 2022, 05:19 IST
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