Srei Equipment, UCO Bank enter pact for joint loans

Srei Equipment Finance Ltd has

entered into a pact with state-owned UCO Bank to offer joint loans for purchase of construction, mining, farm and medical equipment.

iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans under this programme, a company statement said on Tuesday.

The partnership will allow Srei Equipment Finance -- a wholly-owned subsidiary of Srei Infrastructure Finance Ltd -- and UCO Bank to collaborate, co-operate and widen their respective markets and customer base, it said.

The strategic alliance will also allow both lenders to leverage each other's customers and cross-sell their products.

"UCO Bank's strong track record and wide reach, especially in eastern India, makes us confident about the success of this programme," said Sunil Kanoria, vice-chairman, Srei.

 

The alliance will also help in fulfilling the government's vision of making credit available to MSME and retail customers in the infrastructure space at an affordable cost, he said.