The joint initiative is aimed at fulfilling the government’s vision of making credit available to MSME and retail customers at affordable cost.
Kolkata: In first such initiative, Srei Equipment Finance Limited, an arm of Srei Infrastructure Finance Limited (Srei), has teamed up with United Bank of India to jointly offer loans to MSME sector and retail customers under a co-lending arrangement.
As a starter, Srei Equipment and UBI have already organised loan utsavs across 20 cities including Delhi, Mumbai, Hyderabad, Ahmedabad, Pune, Nagpur, Jaipur, Haldia, Durgapur, Ranchi, Keonjhar, Bolangir, Patna, Vijaywada, Rajkot, Chandi-garh, Karnal, Udaipur, Lucknow, and Bhopal.
“The joint initiative is aimed at fulfilling the government’s vision of making credit available to MSME and retail customers at affordable cost. While providing best in class financial solutions to our customers has always been our key focus, our customers also had the opportunity to acquire equipment from leading global OEMs (original equipment makers) in this Loan Utsav. The gatherings in this campaign offered both, United Bank of India and our OEM partners the prospect to expand their customer base. The initiative additionally furthers our strategy of sustaining and strengthening our leadership position in the equipment finance space,” said Devendra Kumar Vyas, Managing Director, Srei Equipment Finance.
Srei Equipment’s OEM partners—including Komatsu, JCB, Volvo Equipment, SANY, Kobelco, Tata Hitachi, Hyundai, Liugong and L&T Construction and Mining Machinery—participated actively at the Loan Utsav and presented a wide range of infrastructure equipment such as excavators, tippers, loaders, motor graders, etc. to the customers.
“United Bank of India and Srei are the first in the industry to enter into an arrangement for co-origination of loans under the Co-origination Model between Banks and NBFCs (non-deposit taking) for providing competitive credit to priority sector... In today’s environment collaboration is the key to success and make credit available to the MSME sector is also in line with Govt. objective. The conduct of joint Loan Utsavs will provide an opportunity for us to increase our customer base,” said Ashok Kumar Pradhan, MD & CEO, United Bank of India.