Biznextindia : Uttar Pradesh focused non-deposit taking NBFC Paisalo Digital Limited, , on Thursday announced that it has signed its co-origination loan agreement with the Bank of Baroda, the second largest public sector Bank in India on 1st of October.
The company already has co-origination loan agreements with PSU banks like SBI and Bank of Maharastra.
Under this tie-up both the entities would jointly reach out to prospective customers and conduct due diligence for extending small ticket Size, ranging between Rs.10,000 t0 40,000 loans in India with special focus on Uttar Pradesh.
The co-originator arrangement will entail joint contribution- of credit by the Bank and PAISALO. It will also involve “sharing of risks-and rewards between Bank and “PAISALO”.
PAISALO has AUM (Asset under Management) of over INR 2,000 Crore with a net worth of INR 725.16 Crore and a CAR of 37.18% as on Q1 of FY20. It has serviced nearly 10,25,000 borrowers and has over 2;65,000 live borrowers.