Srei Equipment Finance Limited recently partnered with the United Bank of India to offer loans to MSME and retail customers under a co-lending arrangement. The NBFC and the bank jointly organised Loan Utsavs across 20 cities.
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.
This initiative is in line with the announcement made by Union Finance Minister, Nirmala Sitharaman in September, 2019. She had encouraged banks to organise gatherings across India where banks along with their NBFC partners would offer loans to sectors like MSME and retail.
Loans were offered to MSME and retail customers against purchase of construction equipment at affordable EMI options. Commenting on this occasion, Devendra Kumar Vyas, Managing Director, Srei Equipment Finance said, “We are delighted to partner United Bank of India in this unique Loan Utsav initiative. This joint initiative was 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 Original Equipment Managers (OEMs) 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.”
Ashok Kumar Pradhan, MD & CEO, United Bank of India, said, “The 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. The arrangement facilitates harnessing the strengths of both organisations for mutual benefit and we look forward to taking it to greater heights. In today’s environment, collaboration is the key to success. 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.”