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U GRO Capital, Bank of Baroda launch Rs 1,000-crore MSME co-lending programme 'Pratham'

The loan amount can range between Rs 50 lakh and Rs 2.5 crore, which will be offered at an interest rate starting from 8 percent with a maximum tenure of 120 months.

July 21, 2021 / 04:08 PM IST
According to U GRO Capital, Pratham is a Rs 1,000 crore co-lending programme, which will allow the MSMEs to avail customised lending solutions at a competitive rate of interest.

According to U GRO Capital, Pratham is a Rs 1,000 crore co-lending programme, which will allow the MSMEs to avail customised lending solutions at a competitive rate of interest.

Technology-enabled small business NBFC U GRO capital on July 21 announced the launch of a co-lending partnership for micro, small and medium enterprises (MSME) with Bank of Baroda. The BSE-listed firm has named the programme 'Pratham'.

The loan disbursements have commenced on the occasion of Bank of Baroda’s 114th Foundation Day and the programme has been launched under the Reserve Bank of India’s revised co-lending guidelines.

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According to U GRO Capital, Pratham is a Rs 1,000 crore co-lending programme, which will allow the MSMEs to avail customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time.

The loan amount can range between Rs 50 lakh and Rs 2.5 crore, which will be offered at an interest rate starting from 8 percent with a maximum tenure of 120 months.

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"It gives us immense pleasure to launch one of our most significant programmes ‘Pratham’ and sign the co-lending agreement with Bank of Baroda under the RBI’s revised guidelines. It is a reiteration of the value and trust 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," U GRO Capital's MD Shachindra Nath said.

The firm says that 'Pratham' programme requires minimum documentation while providing financing to MSMEs. The programme is accessible to MSMEs across 200+ channel touchpoints around nine locations, i.e. Delhi, Jaipur, Ahmedabad, Pune, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata.

"We are glad to have joined hands with U GRO Capital by way of this co-lending programme, 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," Bank of Baroda's executive director Vikramaditya Singh Khichi said.
Moneycontrol News
first published: Jul 21, 2021 04:07 pm

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