U GRO Capital has entered into a co-lending partnership with Bank of Baroda for micro, small and medium enterprises (MSMEs). Called ‘Pratham’, the loan disbursements have commenced on the occasion of Bank of Baroda’s 114th Foundation Day. The program has been launched under Reserve Bank of India’s revised co-lending guidelines. ‘Pratham’, a ₹1000 crore co-lending program, will allow the MSMEs to avail customized lending solutions at a competitive rate of interest with a significant reduction in turn-around time. The loan amount ranges from ₹ 5 million to ₹ 25 million to be offered at an interest rate starting from 8% with a maximum tenure of 120 months. Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital, said the agreement with Bank of Baroda is a reiteration of the value and trust that the bank has placed on the company’s ability to leverage sectoral expertise and technology to solve the unsolved credit need of the MSMEs. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, said the bank believed that forging such partnerships is the way forward and collaborative efforts leveraging individual entities’ expertise are of utmost importance to take co-lending to MSME segment to the next level
