Working capital loan launch by SSFB

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.
Suryoday Small finance Bank CEO Mr.Baskar Babu
Suryoday Small finance Bank CEO Mr.Baskar Babu
Baskar Babu, MD & CEO, 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 their requirements. For eg, If the customer wants only Rs 2,000 now, they 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. Suryoday Small Finance Bank (SSFB) is positioned well both in terms of assets and liabilities.  Currently (end of Q2-FY-20’) SSFB has a deposit base of more than 2300crs in deposit book and a gross loan portfolio of around 3000crs +. SSFB offers one of the most competitive deposit rates in the industry. Currently, a savings account can get an interest rate of up to 7.00%, whereas, for an FD, the customer can earn up to 8.75% interest rate. For senior citizens, the interest rate offered is 9%

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