Bhubaneswar : Suryoday Small Finance Bank (SSFB), one of the fastest growing small finance banks has launched a working capital product with a small / micro overdraft facility to help its microfinance customers meet their urgent liquidity requirements during the lockdown.
Currently, SSFB has set a limit of Rs. 5000/- for its existing customers for the working capital product. The customers can avail of this product, based on their requirements and get it sanctioned in one go from their nearest SSFB branches.
SSFB MD & CEO Baskar Babu commented that “ The objective of launching the additional limit is to ensure that the customers’ immediate financial requirements are met during these difficult times. We believe this may facilitate them to continue with their existing work without causing any disruption that may have occurred due to the existing lockdown .”
“ The customers can avail of the working capital loan of Rs. 5000 /- at one go or in tranches , depending on his their requirements . For eg , If the customer wants only Rs 2,000 now , she can take that, be comfortable. They can avail the balance Rs 3,000 whenever they want.”
Adding further he said that currently the limit is set at Rs. 5000 /- which can be increased going ahead .”
To begin with, the bank has started to offer the working capital product in two branches – Trichy (Tamil Nadu) and Cuttack (Odisha). However the bank plans to scale up the number of branches soon offering this product to 100.