- Pratham is a co-lending program of Rs 1000 crore.
- The loan amount can range from Rs 50 lakh to Rs 2.5 crore.
- The initial interest rate for this loan is 8 percent.
Bank of Baroda in association with U GRO Capital has launched a scheme to provide affordable loans to Micro, Small and Medium Enterprises (MSMEs). It has been named ‘Pratham’. The scheme has been launched under the revised co-lending guidelines of the Reserve Bank of India (RBI). It was launched on the 114th foundation day of Bank of Baroda.
U GRO Capital is a small Non-Banking Finance Company (NBFC) listed on BSE. The first is a co-lending program of Rs 1000 crore. Under this, MSMEs can get loans at competitive interest rates. The loan amount can range from Rs 50 lakh to Rs 2.5 crore. The initial interest rate for this loan is 8 percent. The maximum loan repayment tenure is 120 months.
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Sachindra Nath, Executive Chairman and Managing Director, U GRO Capital said, “The way Bank of Baroda has shown trust in us, shows our expertise and technology in meeting the loan needs of MSMEs. We will further strengthen this relationship to help MSMEs in remote areas of the country.”
Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, said in the statement, “We believe that such collaborations will help take co-lending to the next level for the MSME segment.”
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To take a loan under Pratham, MSMEs require very few documents. Loan applications are approved within 60 minutes on U GRO Capital’s GRO-Xtreme platform. Under this program, the recently included wholesale and retail traders in the category of MSMEs can also take loans. Loan can be availed through 200 channel touch points in 9 cities of the country. These cities include Delhi, Jaipur, Ahmedabad, Pune, Mumbai, Bengaluru, Chennai, Hyderabad and Kolkata.
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