UCO Bank opens SME loan hub in Bangalore
UCO Bank has launched its small and medium enterprises (SME) loan hub in Bangalore in its bid to increase lending to the sector.
“The bank has been a pioneer in deploying credit for priority sector and has been aggressively lending to MSME sector. We attach great importance towards lending to SME sector as it is the largest employment generating sector after agriculture in India,” Arun Kaul, chairman and managing director of UCO Bank, said here.
These centres will cater to the credit requirement ranging from Rs 25 lakh to Rs 25 crore of the entrepreneurs, he added.
SME loan processing centres help in fast processing of loan applications of these enterprises. The processing time for disbursal of loans is around 21 days from the date of application.
UCO Bank plans to open 37 SME hubs across the country in the present financial year to facilitate single window clearance for loans.
The bank has already opened two hubs — Delhi and Mumbai — for disbursing loans to SMEs.
It aims to open another 26 hubs in the various cities of the country including Delhi, Coimbatore, Pune, Bangalore, Chennai, Chandigarh, Hyderabad, Ahmedabad, Ludhiana, Jaipur, Vellore, Surat, Ernakulam and Mumbai among others.
UCO Bank has over 2,200 branches, with most of them located in rural and semi-urban centres.