State Bank of India, India's largest Bank, has provided a term loan to Techfino Capital Private Limited to support their expanding education loan portfolio. The term loan is for INR 15Cr for a tenure of 2 years. The loan is a testimonial to Techfino's prudent business practices and focuses on building a quality portfolio. It should be noted that Techfino is amongst a few new-age NBFCs that SBI has put their faith in.
In FY 2021-22, Techfino disbursed loans worth INR 100 crore across all of its portfolios. TechFino has partnered with leading Education providers, including EdTech companies, and provides unsecured loans to end-users towards School Fees, Upskilling and Certification Programmes, Test Preparations; K12 after-school; Coaching and Higher Education. With a presence across India, TechFino works with more than 60 Education Service Providers to help extend financing solutions to their learners.
Ratikanta Satapathy, Co-Founder and Director, Techfino Capital Private Limited, said, "We are grateful to State Bank of India for supporting a young company like ours. We are delighted that the country's largest bank has shown faith in us. This is a big boost to us, and we will ensure that we keep focusing on the customer and helping them fulfil their aspirations."
TechFino is adding around 2,500 quality customers monthly, slated to grow to >3000 in the next few months. More than 30,000 loans have been disbursed since starting their commercial operations, with an aggregate loan value of more than INR 200 crore. The company has shown exceptional commitment with a collection efficiency of over 99% and profitability for the last 24 months. The company has delivered a healthy Return on Equity (ROE) of over 20% while maintaining a solid portfolio quality. Recently the company disbursed loans worth INR 100 crore across all its portfolio in FY 2021-22.