Private sector lender ICICI Bank recently launched a centre in Bengaluru to provide business solutions exclusively to MSMEs and startups in order to offer them hassle free services, all under one roof, the bank said in a statement.
The centre offers MSMEs a host of services including working capital loans of upto Rs 20 crore, business loans (based on GST returns) of upto Rs 1 crore, instant overdraft facility of upto Rs 15 lakh, extensive trade solutions, and cash management services, among others.
The centre also has a legal and valuation desk to assist customers in resolving challenges pertaining to collaterals offered for various loans.
The centre was inaugurated by Sandeep Batra, Executive Director (Designate), ICICI Bank, and Viral Rupani, Retail Business Head, South, ICICI Bank.
Last year, ICICI Bank launched a facility called ‘GST Business Loan’ to help MSMEs get quick overdraft of up to Rs 1 crore for working capital requirements, based on their goods and services tax (GST) returns.
“This facility brings in the improved convenience to avail quick overdraft facility, as it does away with the need for a paper-intensive assessment of financial documents, including balance sheets of previous years,” the bank had said in a release.
Recently, in Mangaluru, Corporation Bank launched ‘Corp SME Suvidha’, a unique product for GST registered MSMEs, at its corporate office. It was launched by PV Bharathi, Managing Director and CEO of Corporation Bank, in the presence of Gopal Murli Bhagat, Executive Director and General Manager, according to a press release.
According to Corporation Bank, the product offers a competitive interest rate structure in the industry and also has various concessions beneficial for a developing entrepreneur. The product is said to have been designed as a part of the bank’s efforts to improve the services offered to MSMEs.
