BSE-listed Moneyboxx Finance Ltd, which provides finance to livestock farmers, plans to expand its footprint to Gujarat by year-end and southern states like Tamil Nadu, Karnataka, and Telangana by next year. Deepak Aggarwal, co-founder and CEO of the all-digital lending company, told Business Line in an online interaction that the subsidiary of Moneyboxx Capital Pvt Ltd currently operates in Rajasthan, Haryana, Punjab, Madhya Pradesh and Uttar Pradesh. Chhattisgarh and Bihar where it recently entered.
Loans
The company has two properties with 28,000 lenders from tier-II and tier-III cities. First, it employs veterinarians in its branches and offers its services to animal breeders free of charge. This is because he treats cattle as property Second, it helps agroforestry by providing free fruit trees through corporate social responsibility (CSR) to provide additional income to farmers. “Every borrower can turn to the vet in their office for anything, be it an injury, a cold, or a cough. So regardless of nutritional guidance or vaccination, all these services are provided free of charge. This will help build customer loyalty and retain assets”.
All digital
Launched in February 2019, Moneyboxx offers loans with a fixed interest rate of 15-16 percent, and unsecured loans are offered for an average of 28 months. It mainly finances buffaloes and cows. The company usually offers a loan of ₹ 1.25 to ₹ 1.5 lakh to start, which can help a farmer add five animals. After 12-15 months, he will be offered ₹ 2.25-2.5 lakh to increase the number of cattle to ten.
