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BSE-listed Non-Banking Finance Company Moneyboxx Finance Ltd (MBFL) has secured debt of Rs 10 crore from Eclear Leasing & Finance Pvt Ltd to support its disbursement target of Rs 80-85 crore in the current fiscal.

Moneyboxx was founded by Mayur Modi and Deepak Aggarwal in February 2019. It provides small-ticket loans to micro and small enterprises in Tier-II and Tier-III towns, and has 11 branches spread across four states — Punjab, Haryana, Rajasthan, and Madhya Pradesh.

Eclear Leasing, which especially supports NBFCs and MFIs in financial inclusion space, has been the first lender of MBFL and has sanctioned Rs 18 crore till date.

Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd, said, “Since our inception, Eclear Leasing & Finance has been extremely supportive and we are indeed thankful to them, and also its top management including Manoj Bansal, for their continued support and trust that they have reposed in us. This will go a long way in helping us achieve our target of disbursing Rs 80-85 crore during FY21, which will close to 2.5 times of the disbursement made during FY20 that stood at Rs 34 crore.”

Manoj Bansal, Managing Director, Eclear Leasing & Finance Pvt Ltd, said, “During the lockdown, while many borrowers sought moratorium, Moneyboxx continued to pay regular installments, reflecting their strict discipline in managing books, strong underwriting and focus on collections and sustainability.”

Moneyboxx is also in the final stages of securing another Rs 30 crore by end of November for onward lending from six leading investors including a global impact fund and a small finance bank.

The transformation of Non-Banking Financial Companies (NBFC) in India in the past few years plays an important role in growth of Indian Financial system. NBFC’s have emerged successful as compared to Banks as their customized product offerings help individuals with their financial needs.

NBFC Credit Market growth is as shown below:

Financial YearGrowth

NBFC’s grow at an average rate of 4%-6% every year. Following are the major factors that led to the growth of NBFC’s in India.


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