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ICICI Bank, Small Business FinCredit join hands to provide loans to MSMEs
ICICI Bank and Small Business FinCredit will jointly provide loans worth up to Rs 1 crore to the small and medium enterprises. ICICI Bank on Friday said it has singed a memorandum of understanding with Small Business FinCredit India Pvt Ltd (SBFC) to jointly provide credit to micro, small and medium enterprises (MSMEs). ICICI Bank, Small Business FinCredit join hands to provide loans to MSMEs The partnership has been forged under the aegis of RBI’s circular dated September 21, 2018, that permits banks to engage with a non-banking financial company (NBFC) to co-originate loans for the creation of priority sector assets, the bank said. It is the first-of-its-kind programme by a bank and an NBFC, it said, adding the loans of up to Rs 1 crore is for a tenure of 15 years per customer. Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio. The flow of funds from ICICI Bank will help customers aid their businesses in a seamless ma...
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