State-run, Corporation Bank aims to disburse Rs 5000 crore loans to SME sector this year.
Mr. Ajai Kumar, Managing Director and Chairman said that the bank is planning more visibility for the Small and Medium Enterprise sector. Rs 5000 crore will be disbursed as loans to SME sectors in Kerala alone.
He further said that the bank will provide loan up to Rs 1 crore without any collateral as small entrepreneurs are facing difficulties in getting loans. The bank will also be introducing SME loan counseling.
Meanwhile, the bank has also launched SME loan festival bonanza. The bank will be providing interest rate concession on various SME loan schemes as a part of this festive bonanza.
Bank is also offering customized loan schemes for the entrepreneurs according to their business requirements.
Interest rate concession of 0.50 per cent will be given on all SME loan scheme offered by the bank. An additional concession on interest rate of 0.25 per cent will be given to women and 0.50 per cent concession on processing fees.