Mumbai: Capri Global Capital Limited (CGCL), an NBFC has partnered with Union Bank of India to offer loans to MSMEs.
The collaboration will be helping MSMEs avail customized lending solutions at a competitive rate of interest with a significant reduction in turn-around time.
Loans between Rs 10 lakhs to Rs one crore can be availed. MSMEs keen to avail secured loans can visit any of the over 100 touch-points spread across the country.
Under this joint effort, the benefit of low-cost funds from UBI and efficient operations of CGCL would be passed on to the borrowers.
The collaboration expected to commence from December 2021 aims to disburse MSME loans across 100+ touch points through the country.
The collaboration agreement was signed as part of the Co-Lending guidelines issued by the Reserve Bank of India in November 2020 for Co-Lending to the Priority Sector.
Rajesh Sharma, Managing Director, Capri Global Capital Limited, said, "Through this partnership, the aim is to reach out to a large section of society by offering easy, convenient, and efficient credit solutions and empowering them to be key contributors to fiscal growth. Our focus is to support the grassroots entrepreneurship that creates economic value."
Rajkiran Rai G, MD and CEO at the bank said, "The partnership with CGCL is part of UBI’s strategy to support the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the country’s economic development. Over the years, CGCL has built the required experience, knowledge and technology to handle small ticket collateral-based loans to businesses. There is a lot of synergy and philosophical match between both the companies that will help us serve the most deserving and underserviced businesses in smaller towns across the country."
The partnership was signed in the presence of Shri. Rajkiran Rai G. - Managing Director & CEO, UBI and Mr. Rajesh Sharma – Managing Director, Capri Global Capital Limited.