Intel ties up with ICICI Bank to finance SMEs

Intel India has announced a collaboration with ICICI Bank to provide easy and affordable financing options for the purchase of IT solutions by small and medium businesses. This association will enhance the SME sector's access to the latest in technology and aid them in increasing their competitiveness, a press release from Intel said.

ICICI Bank provides a broad spectrum of financial services to individuals and companies and is focussed on the SME segments, especially in tier 2 and tier 3 cities. The Intel-ICICI financing option includes hardware (computers, notebooks, servers, printers), software and connectivity options.

This is an extension from typical financing schemes that cover only hardware assets. The loans are offered at attractive interest rates and start from Rs 50,000 onwards. The offer will cover up to 70 per cent of the invoice price for a period of 12 to 36 months.

As part of Intel's ongoing efforts to increase PC penetration in SMEs, the company will employ its network of 1,750 channel partners to facilitate loans for SMEs seeking affordable and easy financing in addition to the classic advice, install, support IT infrastructure that the channel extends to the SMEs.

Amar Babu, managing director, sales and marketing (South Asia), Intel India, said, "Affordability has always been a key inhibitor towards IT adoption, especially in the SME segment.

Addressing this very need, Intel has introduced this collaborative financing scheme which provides businesses with the latest technology solutions at affordable costs."