This agreement has been signed under the co-lending guidelines issued by RBI in November 2020 for Co-Lending to the Priority Sector. The collaboration will help MSMEs to avail customized lending solutions at a competitive rate of interest with a reduction in turn-around time. The agreement aims to enhance last-mile finance and drive financial inclusion to MSMEs by offering secured loans between Rs 10 lakh to Rs 100 lakh. It will also entail joint contribution of credit to the prospective MSME customers in Tier II and Tier III markets.
In a statement, Rajesh Sharma, Managing Director, Capri Global Capital Ltd said, “This collaboration will create win-win business opportunities for all stakeholders. To the borrowers, it would mean more choice to avail offerings, including attractive loan rates and faster approvals.”
In a statement, Dinesh Khara, Chairman, SBI said, “Banks are the backbone of India’s economic growth and as the country pivots to sustainable growth, the banking sector will have to accelerate MSME lending. We believe this collaboration will provide the nimble footedness of NBFC and quality credit to the right set of the population which will further deepen lending to MSMEs through the last mile connect. We are also confident that, in days to come, co-lending will generate employment opportunities through MSMEs which will translate into the country’s GDP growth.”
The agreement was exchanged in the presence of Khara, CS Setty, MD-Retail and Digital Banking-SBI, S Salee, DMD-Agri, SME & FI-SBI, and Rajesh Sharma. Under this joint effort, the benefit of low-cost funds from SBI and operations of CGCL would be passed on to the borrowers.