United Bank of India Join Hands with Srei Equipment Finance for Co-Lending Program for MSMEs

In a bid to provide loans to the retail customers and MSMEs, the United Bank of India has joined hands with the Srei Equipment Finance Limited — a wholly-owned subsidiary of Srei Infrastructure Finance Limited — to jointly offer loans to MSME sector and retail customers under a co-lending arrangement. To proliferate its co-lending initiative the NBFC and the United Bank of India jointly organised Loan Utsavs across 20 cities that caught the attention of, and praise from, Finance Minister Nirmala Sitharam.

Devendra Kumar Vyas, Managing Director at 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. 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 Managers) 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.”

Speaking on the occasion, Ashok Kumar Pradhan, MD & CEO, United Bank of India said, “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-Systematically Important- for providing competitive credit to priority sector. The arrangement facilitates harnessing the strengths of both organizations for mutual benefit and we look forward to taking it to greater heights. In today’s environment collaboration is the key to success and make credit available to the MSME sector is also in line with Government objective. 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.”