Ambit Finvest Private Limited (Ambit Finvest), the non-deposit taking non-banking financial company (NBFC) of Ambit Group has entered into a co-loan with Union Bank of India (UBI) for lending to Micro, Small and Medium Enterprises. Agreement has been signed. (MSME) customers.
The alliance will ensure underwriting for origination in the 11 states that positively impact the creditworthiness of MSMEs, which are currently covered by Ambit Finvest. The company said in a release that many MSMEs face the challenges of high interest rates or are kept out of access to banking services.
“Through this innovative model of lending, MSMEs will now enjoy compounded low interest rates, which will translate into low cost funding, helping them to more effectively capitalize on their business,” the statement said. Will get it.”
“The partnership with Ambit Finvest Pvt Ltd is part of UBI’s strategy to bring synergies between the two companies that will help us serve the most deserving and under-served businesses. This initiative is a part of Union Bank’s commitment to support MSMEs by accelerating the growth of MSMEs to contribute to the economic growth of the country,” said Lal Singh, CGM, MSME, Union The bank said.
Sanjay Dhoka, COO and CFO, Ambit Finvest said that with this alliance, Ambit Finvest and Union Bank of India aim to facilitate quick disbursement of loans across different geographies. “The co-lending partnership with a large conglomerate like Union Bank of India will help Ambit Finvest to further expand its footprint in the MSME segment,” he added.
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