Union Bank of India (UBI) and Ambit Finvest, the systematically important NBFC of the Ambit Group, have signed an agreement for co-lending to MSME customers.
Lal Singh, CGM, MSME, Union Bank said: “The partnership with Ambit Finvest is part of UBI’s strategy to bring synergy between both the companies that will help us serve the most deserving and underserviced businesses. This initiative is a part of Union Bank’s commitment to supporting the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the country’s economic development.”
Sanjay Dhoka, COO and CFO, Ambit Finvest, said, “With this alliance, we aim to facilitate speedy disbursal of credit across different geographies. This alliance will ensure underwriting for originations, positively impacting the creditworthiness of MSMEs, in 11 states that are currently covered by Ambit Finvest. Through this innovative model of lending, MSMEs will now enjoy a blended lower rate of interest, translating into a lower cost of funds, helping them deploy capital more effectively in their business.”
