Karnataka Bank on Friday announced that it has signed a Memorandum of Understanding (MOU) with JCB India to boost the lending avenues under the bank’s micro, small, and medium enterprises (MSME) portfolio.
JCB India is a leading manufacturer of earthmoving and construction equipment in India. The company started as a joint venture in 1979 and is now a fully owned subsidiary of J.C Bamford Excavators, United Kingdom. JCB manufactures a wide range of equipment in India for the domestic market as well as for exports to more than 110 countries.
Under this MoU, JCB will be nominating Karnataka Bank as its “preferred financier” where in individuals/contractors/company /partnership firms/LLP etc., can avail loans from the bank at competitive interest rates for purchasing a wide range of equipment from the product line of JCB India.
Mahabaleshwara M.S, managing director & CEO of Karnataka Bank, said, “In line with our focus on credit growth, bank is at the forefront of financing MSMEs and we are indeed delighted to have signed MoU with JCB as they mirror similar values of excellence, integrity and sustainable development. Our bank is providing various finance schemes for purchase of machineries/ equipments to our customers with attractive rate of interest and speedy sanction of loans through digital platform.”