ICICI Bank has signed a memorandum of understanding (MoU) with Small Business FinCredit India (SBFC) to jointly provide loan worth up to Rs 1 crore to micro, small and medium enterprises (MSMEs). The loans of up to Rs 1 crore are for tenure of 15 years per customer.
Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio. The flow of funds from ICICI Bank will help customers aid their businesses in a seamless manner.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
