MAS Financial Services on Tuesday announced that it has entered into a strategic co-lending partnership with Bank of Maharashtra for lending to micro, small and medium enterprises (MSME).
The co-lending partnership will help MAS Financial to broaden its client base and expand the credit flow to the vast unserved and the underserved markets using its strong footprint across pan India. The NBFC further said that the business arrangement will scale up steadily and more products will be introduced to serve MSME segment.
Under the agreement, MAS Financial will originate and process loans to MSME borrowers as per jointly formulated credit parameters & eligibility criteria and Bank of Maharashtra will take into its book loans mutually agreed terms.
The partnership is subject to compliance laws including applicable guidelines issued by RBI.
MAS Financial Services is a Gujarat-headquartered NBFC with more than two decades of business operations. The company’s business and financing products are primarily focused on middle and lower income customer segments spread across urban, semi urban and rural areas, and including formal and informal sector.
The NBFC reported a 12.4% rise in consolidated net profit to Rs 39.72 crore on a 2.6% increase in total income to Rs 165.61 crore in Q2 FY22 over Q2 FY21.
Shares of MAS Financial were trading 0.81% lower at Rs 657.95 while shares of Bank of Maharashtra were up 0.51% at Rs 19.60 on BSE.
