Udayavni Special

BoB, U GRO Capital launch co-lending platform ‘Pratham’


PTI, Jul 21, 2021, 5:46 PM IST

New Delhi: Bank of Baroda and fintech platform U GRO Capital have launched a co-lending platform Pratham, under which Rs 1,000 crore loan will be disbursed to the MSME sector in the country.

Commencements of loan disbursements under Pratham mark the 114th Foundation Day of Bank of Baroda, U GRO Capital – tech-focussed small business lending platform – said in a release on Wednesday.

“Pratham, a Rs 1,000 crore co-lending programme, will allow the MSMEs to avail customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time,” it said.

The loan amount ranges from Rs 50 lakh to Rs 2.5 crore to be offered at an interest rate starting from 8 per cent with a maximum tenure of 120 months, it said.

“We believe that forging such partnerships is the way forward and collaborative efforts leveraging individual entities’ expertise are of utmost importance to take co-lending to MSME segment to the next level. This is a significant advancement in the same direction,” said Vikramaditya Singh Khichi, Executive Director, Bank of Baroda.

The co-lending programme resonates with the bank’s intent to extend support to more micro, small and medium enterprises (MSMEs), he said.

The partnership with Bank of Baroda will enable the company to support more MSMEs in the remotest locations, and to help them revive and grow, Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital, said.

With technology and sectoral expertise, U GRO Capital will solve the unsolved credit needs of such small businesses, he said.

Pratham requires minimum documentation for a loan, said the company.

The company’s proprietary developed platform GRO-Xstream allows faster turnaround time, with an in-principle approval issued within 60 minutes, U GRO Capital said.

MSMEs, including the recently added wholesale and retail traders under priority sector can avail credit in over 200 channel touchpoints in cities like Delhi, Jaipur, Ahmedabad, Pune, Mumbai, Bengaluru, Chennai, Hyderabad and Kolkata.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kargil, Leh join hands to push for statehood, constitutional safeguards for Ladakh

Bommai leaves for Delhi to consult BJP leadership on cabinet expansion

Sindhu India’s pride, one of our most outstanding Olympians: PM Modi

India beat Great Britain 3-1, enter semis of Olympics men’s hockey after 49 years

Bommai congratulates shuttler Sindhu for winning bronze medal in Olympics

Bengaluru: ‘Six railway stations to get inter-model facilities’

Pak finalises law to award provisional provincial status to GB, states report


Related Articles More

RBI’s new rules on interchange fee, 24/7 bulk clearing facility functional

RBI likely to maintain status quo on interest rate

Cos spending on COVID jabs for individuals except staff to be considered CSR activity

Businesses can now self-certify GST annual returns, instead of mandatory audit by CA

Macro data, RBI policy to drive markets this week, say analysts

MUST WATCH

PV Sindhu Wins Bronze Medal

Toursts in jog falls

School Students now grazing cows

UDAYAVANI NEWS BULLETIN 01-08-2021

Significance Of Cow Dung

Latest Additions

Kargil, Leh join hands to push for statehood, constitutional safeguards for Ladakh

Bommai leaves for Delhi to consult BJP leadership on cabinet expansion

Sindhu India’s pride, one of our most outstanding Olympians: PM Modi

India beat Great Britain 3-1, enter semis of Olympics men’s hockey after 49 years

Bommai congratulates shuttler Sindhu for winning bronze medal in Olympics

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.