Samasta Microfinance Limited Information

Samasta Microfinance is a public limited, Non-Banking Financial Company that began its operations in March 2008 with an aim to provide micro finance services to the urban and rural poor in the southern and western states of India. With the absence of formal financial lending facilities among the economically weaker sections in the society such as agricultural laborers, artisans, and industrial workers, moneylenders with their astronomical interest rates continue to be the most commonly availed monetary support. This sets off an endless cycle of debt and the inability to rise above it. To bridge the gap between ambition and achievement of the working poor across India, Samasta believes that the way forward is by providing financial and non-financial services, in a sustainable long-term relationship to enable them to achieve a better quality of life. These micro loans can be used to pay off outstanding debts, for starting small businesses, for social and educational expenses which are the primary requirements of the target audience. With India Infoline Limited( IIFL) coming on board as a significant investment partner to Samasta in 2016, Samasta is now an IIFL company. This will eventually thrust Samasta into the league of big MFIs and thus enabling Samasta to establish its footprint in many more states and extend the financial inclusion of many more poor families. This is expected to propel the company growth and visibility in terms of adequate assets, access to various products of IIFL and be part of an organization which has PAN India presence. With this partnership, Samasta has now introduced new exciting loan products such as Housing Loan, Student Loan, Product Loan, etc in addition to the existing income generation loans and individual loans. Samasta has operations in Karnataka, Tamilnadu, Maharashtra, Goa & Odisha, with plans to expand operations in Kerala, Chhattisgarh, Rajasthan and Gujarat.