Corp Bank aims to disburse Rs 5,000 cr to SME sector

Corporation Bank is targeting to disburse Rs 5,000 crore loans nationally this year to the SME sector.

The bank is planning more visibility for the Small and Medium Enterprise sector, Corporation Bank Chairman and Managing Director, Ajai Kumar, told reporters here on Saturday.

In Kerala alone, Rs 500 crore will be disbursed as loans to the sector, he said.

Since small entrepreneurs are finding it difficult to get loans, loans of up to Rs 1 crore would be given by the bank to the sector without any collateral, he said.

There were also plans to introduce SME loan counselling, he added.

Meanwhile, the bank today launched SME loan festival bonanza, offering interest rate concession on various SME credit schemes offered by the bank.

To encourage entrepreneurs, bank offers various specialised and tailor made credit schemes suiting their credit and business requirements.

Interest rate concession of 0.50 per cent on the applicable rate on all SME credit scheme offered by the bank, additional interest rate concession of 0.25 per cent for women beneficiaries and 50 per cent concession on processing charges, he said.

The bank has drawn up appropriate strategies for increasing credit to this sector and offers specialised loan schemes at attractive interest rates designed to cater to the specific requirements of the SME sector.

Each SME sector is ably supported by dedicated team of Relationship Managers and exclusive Central Credit Processing Mechanism, Kumar said.

Along with the Customer Centric approach, the bank is aiming for focussed growth by adopting a targeted marketing approach that would help entrepreneurs convert their business blue print into a reality not only at a competitive cost, but in the shortest possible time, he added.