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Mumbai-based U GRO Capital has announced its partnership with Bank Of Baroda (BoD) to launch a Rs 1,000 crore co-lending program for Micro, small and medium enterprises (MSME) sectors.
Termed as ‘Pratham’, the co-lending program will allow the MSMEs to avail loan amount between from ₹ 50 lakh to ₹ 2.5 crores at an interest rate starting from 8% for a maximum tenure of 120 months.
Speaking on the partnership, Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital said, “It gives us immense pleasure to launch one of our most significant programs ‘Pratham’, and sign the co-lending agreement with Bank of Baroda under RBI’s revised guidelines.”
“The value and trust reiterate that the bank places on our ability to leverage sectoral expertise and technology to solve the unsolved credit need of the MSMEs. We look forward to nurturing this essential relationship in our bid to support more MSMEs in the remotest locations, to help them revive and grow,” Nath added.
Commenting on the development, Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “We are glad to have joined hands with U GRO Capital by way of this co-lending program, which resonates with our intent to extend support to more MSMEs. We believe that forging such partnerships is the way forward and collaborative efforts leveraging individual entities’ expertise are of utmost importance to take co-lending to the MSME segment to the next level. This is a significant advancement in the same direction.”