New Delhi: SREI Equipment Finance Limited has partnered with United Bank of India to offer loans to MSMEs and retail customers under a co-lending arrangement.
The NBFC and the bank jointly organised 'Loan Utsavs' across 20 cities, SREI Equipment said in a release.
The Loan Utsavs were held in Delhi, Mumbai, Hyderabad, Ahmedabad, Pune, Nagpur, Jaipur, Haldia, Durgapur, Ranchi, Keonjhar, Bolangir, Patna, Vijaywada, Rajkot, Chandigarh, Karnal, Udaipur, Lucknow and Bhopal.
Loans were offered to MSME sector and retail customers against the purchase of construction equipment at affordable EMI options.
Loans for the value of up to 90 per cent of the equipment were offered for the tenure of up to 5 years, while a moratorium of 30-60 days was also awarded depending on the loan structure and size, it said.
Devendra Kumar Vyas, managing director, Srei Equipment Finance, said: "This joint initiative was aimed at fulfilling the government's vision of making credit available to MSME and retail customers at an affordable cost."
Ashok Kumar Pradhan, MD and CEO, United Bank of India, said: "The conduct of joint Loan Utsavs will provide an opportunity for us to increase our customer base. With SREI, we have now successfully done Loan Utsav in 20 locations, which was attended by leading equipment manufacturers, dealers and customers who got on the spot approvals for their equipment needs. Over the last 9-10 months, we are successfully building the portfolio."
Read more: Indian car buyers becoming less price conscious; more emphasis on vehicle styling: JD Power
