Srei Equipment, Uco Bank to offer joint loans

Kolkata: Srei Equipment Finance Limited, an arm of Srei Infrastructure Finance Limited (Srei), on Tuesday teamed up with the state-run Uco Bank, to offer joint loans for purchase of construction and mining, farm and medical equipment under a co-lending arrangement. In the new scheme of things, iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans.

"Uco Bank's strong track record and wide reach, especially in eastern India, makes us confident about the success of this programme. The combined strength of Srei Equipment, Uco Bank and iQuippo will provide the necessary boost to demand for infrastructure equipment and create a win-win situation for all the partners and the customers. The strategic alliance will also help in fulfilling the government's vision of making credit available to MSME and retail customers in infrastructure space at an affordable cost," said Sunil Kanoria, vice-chairman, Srei.

"iQuippo's state-of-the art platform, designed together with IBM, is India's first platform to digitise the co-lending process. We are excited to add Uco Bank in the growing list of our financial services partners. We will assist the bank in expanding its reach into the MSME space,” said Anant Raj Kanoria, CEO, iQuippo.

“This partnership will definitely boost credit availability to larger spectrum of MSMEs,” said Atul Kumar Goel, MD & CEO, Uco Bank.