Karnataka Bank, JCB India sign MoU for equipment financing business

Karnataka Bank and JCB India, a manufacturer of earthmoving and construction equipment, have signed a memorandum of understanding (MoU) for equipment finance business.

According to Karnataka Bank, the proposed tie up is expected to increase the lending avenues under its micro, small and medium enterprises (MSME) portfolio.

Under the MoU, JCB will nominate Karnataka Bank as its preferred financier. This will enable individuals/contractors/company/partnership firms/LLP and others to avail loans from the Karnataka Bank at competitive interest rates for buying a variety of equipment from JCB India‘s product line.

Karnataka Bank, JCB India sign MoU for equipment financing business. Photo courtesy of Che639/Wikimedia Commons.

Mahabaleshwara M.S — Karnataka Bank Managing Director and CEO 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. At Karnataka Bank, we are strongly committed to provide attractive finance schemes through collaborations of this kind.”