Corporation Bank is aiming to lend about Rs. 100 crore to SMEs (small and medium-scale enterprises) in the Belgaum zone through its 100-day “grand festival bonanza” that ends on January 31.
Announcing this here on Friday, deputy general manager of the zone P. Shivaram Bhat said the bank had so far extended credit of Rs. 22 crore and was confident of meeting the target.
The bank offered 10 SME credit schemes that were tailor-made to suit various credit and business requirements, he said. The credit utilised during the offer would enjoy interest rate discounts. An interest rate concession of 0.5 per cent would be applicable on all SME credit schemes offered by the bank, Mr. Bhat said. Women entrepreneurs would get an additional concession of 0.25 per cent (totally 0.75 per cent) on interest rate and 50 per cent concession in processing charges too.
With the aim of giving a fillip to SMEs, a major employment-generating sector in the country, the bank had also opened exclusive ‘SME Loan Centre’ in 15 cities across the country.