LENDING & CREDIT | Tony Chua, India

UCO Bank launches loan center for SMEs

The lender’s SME loan processing centres facilitate loan applications with credit requirement ranging from $55,666 to $5.57mn.

Public sector lender UCO Bank has launched its small and medium enterprises (SME) loan hub in Bangalore in its bid to increase lending to the sector.

“The bank has been a pioneer in deploying credit for priority sector and has been aggressively lending to MSME sector. We attach great importance towards lending to SME sector as it is the largest employment generating sector after agriculture in India,” Arun Kaul, chairman and managing director of UCO Bank, said here.

These centres will cater to the credit requirement ranging from Rs 25 lakh ($55,666) to Rs 25 crore ($5.57 million) of the entrepreneurs, he added.

SME loan processing centres help in fast processing of loan applications of these enterprises. The processing time for disbursal of loans is around 21 days from the date of application.

“We are setting up SME processing centres to concentrate on lending to the broad based SME category,” he said.
UCO Bank plans to open 37 SME hubs across the country in the present financial year to facilitate single window clearance for loans.

View the full story In Business Standard.

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