IDBI to offer loans at 1% concessional rate to CMSME members

Tags: News
IDBI Bank today said it will offer loans at 1 per cent concessional rate to members of Confederation of Micro, Small and Medium Enterprises (CMSME), an affiliate of Ficci.

"This MOU with FICCI-CMSME would be a win-win situation for both the organisations for meeting the credit requirements of the MSME sector in a timely and cost effective manner," IDBI Bank Deputy Managing Director B K Batra said.

The MOU would help IDBI Bank in further increasing its reach to the MSME sector, he said, adding the bank is focused on expanding its lending to this sector in view of the fact that the MSME is a key driver of Indian economy in terms of contribution to GDP, employment and exports.

The FICCI-CMSME and IDBI partnership will grant best pricing offered at the relevant time by IDBI, including concession of 1 per cent and charging of processing fee as low as 0.10 per cent to the proposals referred by FICCI-CMSME.

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