Corporation Bank launches loan scheme for MSME sector

New Delhi: State-owned Corporation Bank has launched 'SMESuvidha' scheme to provide loans to the GST-registered MSMEs at affordable interest rates.

The product is designed as a part of the lender's efforts to improve service and provide best products to MSME sector, the bank's MD P V Bharathi said in a statement on Monday.

This is a unique product for GST-registered Micro, Small and Medium Enterprises (MSMEs). It provides a competitive interest rate structure in the industry and also has various concessions suiting the developing entrepreneur, she said.

The bank is actively participating in the government's flagship programmes including 'MUDRA' and 'Stand-up India' to provide much-needed push to the MSME sector, the statement said.

Corporation Bank has already launched an online loan facility for MSME borrowers and offers customised loan schemes through its dedicated 177 'Specialised MSME Branches' across the country.

The bank provides concession in interest rate on loans offered to women beneficiaries and rated MSME units.