ESAF Small Finance Bank signs MoU with Kinetic Green Energy

ESAF Small Finance Bank (SBF) has entered into a MoU with Kinetic Green Energy and Power Solutions (KGEPSL) for the financing of E-Rickshaws.

KGEPSL is in the business of manufacturing eco-friendly Electric Rickshaws for both passenger applications and commercial use.

ESAF Small Finance Bank is currently spread in 13 states of India with a customer base of over 16 Lacs, mostly women from lower strata of society. The MoU is said to boost self-employment plans for several youths and women with green businesses.

ESAF will follow the JLG model with weekly installments that is expected to bring forth more discipline and ease of repayments for the potential loan takers. The two companies will also partner with NGOs for the promotion of these in several cities, starting with a clean energy loan mela in Nagpur shortly.

ESAF Microfinance is among the top 10 microfinance institutions in India. ESAF Small Finance Bank was one amongst the 10 NBFCs to receive an 'in-principle' approval from the Reserve Bank of India to set up a Small Finance Bank in the private sector and the final licence was issued in November 2016.