Capri Global Capital Limited (CGCL), an NBFC focused on lending to MSMEs and the affordable housing finance segment, tied up with banking major State Bank of India (SBI) to offer MSME loans. Through this, Capri Global and SBI will disburse MSME loans across over 100 touchpoints across India starting December 2021.
"This agreement is signed under the co-lending guidelines issued by the RBI in November 2020 for co-lending to the priority sector. The collaboration will help MSMEs to avail customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time," a statement said.
Rajesh Sharma, Managing Director, Capri Global, said the combined synergies between Capri and SBI are ideally placed to provide customised financial solutions to the borrowers. "SBI's wide reach and trust in the market, coupled with our connection with the underserved borrowers, state-of-the-art IT infrastructure, increasing customer reach and underwriting functions will further enhance our distribution network," he said.
He said the collaboration will create win-win business opportunities for all stakeholders.
SBI Chairman Dinesh Khara 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.
"To improve the credit to the underserved and unserved, we are happy to associate with Capri Global Capital. 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," he said.
The co-lending 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. The co-lending arrangement will entail the joint contribution of credit to the prospective MSME customers in Tier II and Tier III markets.
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