Our goal is to provide digital financial inclusion to microentrepreneurs.

Belstar Microfinance Limited (Belstar) is a Non-Banking Finance Company (NBFC) and a subsidiary of Muthoot Finance Limited. Our leadership core is made up of accomplished Board members and an experienced team. Guided by expert hands, we have successfully transitioned into a profitable and high-potential Microfinance Institution (MFI) with low credit risk.

Our business model is unique because it strives for a double bottom line, targeting both financial performance as well as social transformation. Alongside Hand in Hand India, Belstar aims to alleviate poverty and enhance community development.

Brand growth was accelerated after strategic equity investment by Muthoot Finance Limited, which helped us secure an ‘AA - Stable‘ rating and attain public limited company status. This made it easier for us to focus on diversification of funding profiles, scale-up services in operational states and expand to newer geographies.

History & Origins

Here’s a visual walkthrough of the growth, experiences and transformation that have taken place over the last decade and more.

  1. 1988

    Our journey began in January 1988 in Bangalore as an NBFC.
  2. 2001

    We were registered with the RBI in March 2001. The company today is a Non-Deposit taking systemically important NBFC-MFI.
  3. 2008

    In September 2008, Belstar was acquired by the Hand in Hand group to provide scalable microfinance services to entrepreneurs.
  4. 2009

    In April 2009, lending operations were commenced by their SHG program and in April, micro-lending operations were set up in Tamil Nadu and Karnataka.
  5. 2010

    Equity investment was made into the company in 2010-2011 by foreign investors.
  6. 2012

    Post-acquisition till 2012, Belstar mainly relied on taking over the existing groups formed by Hand in Hand India (HIH).
  7. 2013

    Belstar now follows both the SHG as well as the PRAGATI model of lending. In 2013, the company became a non-deposit taking systemically important NBFC-MFI, and was reclassified by RBI in December.
  8. 2014

    We began the JLG lending operation 2014 in parts of northern India. Our staff strength was recorded at over 1000.
  9. 2016

    Muthoot Finance Limited made a strategic Equity Investment of Rs. 40 crores in the company in July 2016 and also acquired all stakes from foreign investors. We won the best MFI award in the medium size category from Access NCDs listed on the Bombay Stock Exchange.
  10. 2017

    During demonetization times, we ensured the NPA levels were lower in the company due to strong client connections in 2017. Onboarded Maj Invest, a leading Danish asset management company that provides services in asset management and private equity. Belstar is proud to be one of seven global companies that Maj Invest has invested in. We also crossed Rs. 500 cr in the loan book and became a systemically important MFI.
  11. 2018

    We renamed JLG as Pragati Loans under the aegis of Chennai Super Kings (CSK) and adopted Ind AS with effect from April 2018.
  12. 2019

    In 2019, the company class was changed to public followed by name change to Belstar Microfinance Ltd. AUM crossed Rs. 2500 cr.


To be a socially responsible microfinance institution working towards entrepreneurship and economic empowerment of women and achieving double bottom line (Economic and Social Empowerment)


To further impact over 3.5 million women through affordable credit and entrepreneurship by 2025.


To provide digital financial inclusion to microentrepreneurs

Key Milestones: Achievements in Eleven Years


Acquisition of the company by Dr Kalpana Sankar to provide affordable credit to the economically weak.


We commenced lending operations to SHGs


Equity investments were made by foreign investors - IFC, NMI, SwedFund, Avaishkar


We were reclassified as NBFC-MFI by RBI


We began JLG lending operations in northern parts of India.

Team strength crosses 1000


Operations expand to Chhattisgarh, Odisha & Kerala.


We won the best MFI award in the Medium Size category from Access NCDs listed on Bombay Stock Exchange.


Strategic investment by Muthoot Finance Ltd India as leading Gold House. Our strong client relationships ensured NPA levels were lower during demonetisation times.

We crossed Rs. 500 crores in the loan books and became a systemically important MFI.


Completed Series C Equity Raise. On-boarded one more PE fund as equity investor Muthoot increased their stake from 19.5% to 67%. Achieved another milestone when we crossed Rs. 1000 crores in the loan book.


Renamed JLG as Pragati Loans under the aegis of Chennai Super Kings (CSK). Adopted Ind AS with effect from April 2018.


Company class was changed to Public Limited followed by a name change to Belstar Microfinance Ltd. AUM crossed Rs. 2500 crores.


Our duty is to our customers. We guarantee need-specific quality services to clients and ensure timely delivery.