Canara Bank has accepted applications from more than 150 micro units to provide collateral-free loans.
The Kovai Power Driven Pumps and Spares Manufacturers’ Association and Canara Bank organised a loan camp here last week.
200 micro units
Since the units were facing difficulties in getting loans, the association conducted the programme, mainly for its members.
Nearly 200 micro unit owners participated and about 170 gave applications for working capital, term loans and even for take over of existing loan from other banks, said K. Maniraj, president of the association. The bank will take two weeks to one month to process the applications.
The unit owners had asked Rs. 5 lakh to Rs. 10 lakh each.
This will encourage other banks also to assist the micro units with similar camps, he said.