SKS Microfinance enters Tamil Nadu

SKS Microfinance, a Hyderabad-based non-banking finance company, has expanded its network to Tamil Nadu.

“Tamil Nadu has approximately 15 million people living below poverty line, with a credit demand of Rs 7,502 crore. In line with our vision to provide collateral-free loans at the doorstep of the poor, SKS has started operations in Vellore and Krishnagiri,” S Dilli Raj, chief financial officer of SKS Microfinance, stated in a press release on Friday.

SKS reaches out to 5.4 million poor households across 62,000 villages in 19 states. So far, it has disbursed collateral-free microloans worth Rs 10,538 crore for income generation through 1,698 branches.

The company recruits its staff from the same social background that it serves. At present, the company’s employee base is 18,292 of which 25 per cent belong to other backward classes, 19 per cent to scheduled caste, 3 per cent to schedule tribe and 14 per cent to backward caste, the release added.