Fullerton India aims to expand branch network, create opportunities across Rajasthan in FY24
Jaipur, 11 February, 2023: Fullerton India Credit Company, a leading NBFC in India, has announced plans to expand its network from the current 82 branches to 88+ branches and hire over 280+ new employees by FY24 to strengthen its presence in the state of Rajasthan. Fullerton India’s business is spread across four verticals, namely Urban, Rural, Digital and Housing Finance. While the company’s urban business caters to consumers, retail businesses, MSME and SMEs in Tier 2 markets, the rural business – Gramshakti – aims to empower the state’s unserved and underserved segments through a wide portfolio of financial solutions such as group loans for women, personal loans, mortgage loans and two-wheeler loans. Customers can also choose home loans, loan against property and developer financing from Grihashakti, the company’s housing finance arm.
Fullerton India’s digital business caters to the digital native customer who can choose from merchant cash advances, term loans, revolving line of credit, Buy Now Pay Later and Supply Chain Finance products. By leveraging on technology and innovation, Fullerton India offers a real time, end-to-end digital experience to customers right from loan processing to disbursement so that customers have access to capital when they need it the most.
The company serves over 2.22 lakh customers in the state of Rajasthan. The company has been focused on providing a slew of products and services to ease people’s financial burden and this has been evident in the company’s disbursements figures. In the period ending December 2022, the urban business disbursements grew by 104.4% as compared to the same period in FY22; while the disbursements under the rural business grew by 53.1% in Dec FY23 as compared to the same period in FY22. On the housing finance business, the company clocked growth in disbursals by 133% in Dec FY23 as compared to the same period in FY22.
Commenting on the company’s plans in Rajasthan, Ajay Pareek, Chief Business Officer, Fullerton India stated, “Our commitment to serve consumers across the state of Rajasthan is steadfast, as we believe that credit is undeniable accelerator for economic growth. As nearly 75% of Rajasthan’s population lives in villages, we are working towards facilitating financial inclusion for this community. We are expanding our network of branches in the coming year, so that more people have access to walk in to their nearest branch to secure financing solutions. We aim to increase our disbursements by 35-38% in FY24 across all our product lines in the state.”
Our customer communities and their wellbeing are key focus areas and we endeavor to touch their lives positively with our outreach initiatives. Pashu Vikas Day, the country’s largest cattle care programme, conducted across the country, is one such effort. The company is holding its 5th edition of Pashu Vikas Day on 11th February. In Rajasthan, cattle care camps are being held across 49 locations, to help provide farmers and cattle owners with the necessary cattle health care facilities and guidance so that they can improve the productivity of their cattle, and enhance their household income.