EFL Expands into Telangana Market, Providing Financial Services

Electronic Finance Limited (EFL), a Non-Banking Financial Services Company (NBFC), has recently entered the Telangana market. End Quote

(1888PressRelease) October 27, 2023 - Electronic Finance Limited (EFL), a Non-Banking Financial Services Company (NBFC), has recently entered the Telangana market. The company has initiated operations in multiple locations, including Vanasthalipuram, Warangal, Janagaon, Suryapet, Nalgonda, Thorrur, Khammam, and Kodad. Speaking on this occasion, Shilpa Pophale, the managing director and CEO of the company, shared that EFL is targeting rural areas with a population of around 26 lakhs where people do not have loans or credit facilities. Their goal is to provide financial support to these regions, and they have now entered the market to fulfil this objective.

EFL is offering loans ranging from INR 5 lakhs to INR 25 lakhs for businesses such as kirana stores and daily trading operations. They emphasised that interest rates would not exceed 24%. Furthermore, the company aims to extend its presence to Andhra Pradesh and Karnataka in the near future, and they are currently operating in Gujarat, Maharashtra, and Madhya Pradesh. The company's loan book currently stands at INR 3 crore, with plans to increase it to INR 10 crore within the next five years. Shilpa also mentioned that the company has already opened 500 branches and intends to increase the branch count to 1,000 branches in the coming years.

###

space

Other Related Press Releases