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
Related Articles More
Stock markets stage strong rebound after 4 days of slump, Sensex rallies 599 pts
PHF Leasing Limited raises $10 Mn through a mix of equity and debt
CCPA asks FSSAI to probe claim of Nestle adding sugar to baby products
Markets tank in early trade as Middle East tensions flare-up
Tesla shares tumble below $150 per share, giving up all gains made over the past year
MUST WATCH
Latest Additions
Injuries don’t define you: Mohammed Shami shares rehab update
Shivakumar desperately wants to become CM, says K’taka BJP chief Vijayendra
Scribe throws lapel microphone towards Sharad Pawar in Baramati; cops give clean chit
India delivers first batch of BrahMos missiles to Philippines
Air India cancels Dubai flights due to operational disruptions