Indian Bank partners IIT Bombay to offer loans to MSMEs

Indian Bank on Monday said it entered a memorandum of understanding with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay for extending credit support facility to MSMEs and start-ups. According to the MoU, SINE would identify MSMEs and start-ups dependent on their credentials and past experience and will refer the list of such individuals who need financial assistance to the bank.

The drive is a part of Indian Bank’s plan for MSMEs and start-ups to understand their research efforts on the back of financial help and supported by incubation facility from SINE. The bank said it will offer credits up to ₹50 crores for working capital requirements of organizations or purchase of hardware, machinery, equipment, etc.

“SINE, IIT Bombay is the setting up joint R&D with industries and supporting start up incubation. SINE, IIT Bombay provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products”, bank statement said.