Central Bank of India enters into Co-Lending Partnership for MSME Loans with Shriram Housing Finance Ltd

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. Shriram Housing Finance Limited to offer MSME Loans 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 M/s. Shriram Housing Finance Limited.

M/s. Shriram Housing Finance Limited is a Non-Deposit Taking Housing Finance Company, registered with National Housing Bank (NHB). SHFL has an active customer base of more than 70,000 borrowers and essentially caters to the housing and business finance needs of self-employed individuals, belonging to middle income group, primarily from Tier-2 and Tier-3 cities. SHFL is part of the Shriram group and a subsidiary of Shriram Finance Limited (SFL). The AUM of the company is ₹ 13762 Cr as on 31.03.2024.

Under the arrangement, M/s. Shriram Housing Finance Limited will originate and process Loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Loans under mutually agreed terms. M/s. Shriram Housing Finance Limited will service the loan accounts throughout the life cycle of the loans. The Co-Lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India.

Shares of Central Bank of India was last trading in BSE at Rs. 63.34 as compared to the previous close of Rs. 63.17. The total number of shares traded during the day was 358736 in over 1929 trades.

The stock hit an intraday high of Rs. 64.28 and intraday low of 63.05. The net turnover during the day was Rs. 22789253.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership MSMELoans ShriramHousingFinance