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Rajasthan-head quartered RK Group has forayed into housing finance by launching Wonder Home Finance Ltd (WHFL), which will fund primarily affordable housing and small businesses. The firm expects to disburse loans of about ₹200 crore by March 2019.
WHFL will start with offering loans in Rajasthan, where it has nine branches. The micro lender is to open 20 branches within a month across the State.
“By the end of financial year 2018-19, we expect to begin our services across neighbouring States including Gujarat, Maharashtra and Madhya Pradesh,” Sanjay Singh Rajawat, Director & CEO of WHFL, said.
RK Group has presence in the marble business through RK Marbles and cement business through Wonder Cement. WHFL intends of use the network of Wonder Cement’s about 1,000 dealers and business partners for its housing finance foray.
WHFL has raised ₹100 crore from the Group’s promoters, who have invested in their personal capacity. The company intends to borrow another ₹100 crore from financial institutions and banks, he added.
“Our people-centric business model and service-oriented delivery mechanism will help to create an exceptional experience amongst our target audience,” Ashok Patni, Chairman of RK Group, said.
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