Central Bank of India enters into co-lending partnership with Shapoorji Pallonji Finance Pvt Ltd

Central Bank of India has entered into a strategic Co-Lending Partnership with Shapoorji Pallonji Finance Pvt. Ltd. (SPFPL) to offer loans to MSME Borrowers at competitive rates, subject to compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI). The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and Shapoorji Pallonji Finance Pvt. Ltd. (SPFPL).

Shapoorji Pallonji Finance Pvt. Ltd. (SPFPL) was incorporated in 1994. It is an RBI regulated non-banking finance company with Pan India presence in 10 states.

Under this arrangement, Shapoorji Pallonji Finance Pvt. Ltd. (SPFPL) will originate and process MSME proposals under Priority Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Priority Sector loans under mutually agreed terms. SPFPL will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to help both the entities to offer convenient experience and customer delight as well as help expand reach across India.

Source : Equity Bulls

Keywords

CentralBankofIndia CoLendingPartnership ShapoorjiPallonjiFinance Loans MSME