Criss Financial Ltd, an NBFC subsidiary of BSE and NSE listed Spandana Sphoorty Financial Ltd (a pan India microfinance company with an AUM of ~8500 Cr & presence in 18 states), has announced the start of its operations in Rajasthan with the opening of state hub in Jaipur today. The company announced that Rajasthan is the first state outside of Andhra Pradesh and Telangana where it would be offering the Loan Against Property product. Taking the philosophy of its parent company forward, Criss Financial aims to serve the financially underserved population with loan products like Loan Against Property (LAP) to be followed by affordable housing loans, home improvement loans and loans to small business entrepreneurs in the current financial year.
Mr. Shalabh Saxena MD & CEO of Spandana Sphoorty Financial Ltd while inaugurating the office at Jaipur said, “Empowering Entrepreneurs has always been the
motto that Spandana has been pursuing. Our simple products, transparent conduct and
door-step services have helped millions of customers take an aspirational entrepreneurial
flight towards a better future. We are now ready to provide small ticket loans to entrepreneurs in the state of Rajasthan & have plans to open close to 30 branches in
Rajasthan in the current financial year. We are quite upbeat about this opportunity to be
partners in growth of many micro entrepreneurs in Rajasthan.”
LAP and other proposed products form part of the Vision 2025 that the management team of Spandana had announced in July 2022. The management aims to diversify the product
offerings of the combined entity and grow the loan book of the combined entity to ₹18,000
Crore across 4 million customers by end FY2025