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Union Bank of India partner Ambit Finvest to offer co-lending to MSMEs

March 02, 2022

Union Bank of India partner Ambit Finvest to offer co-lending to MSMEs
Non-deposit-taking NBFC of the Ambit Group has signed a co-lending agreement with Union Bank of India for lending to micro, small and medium enterprise clients. 

Lal Singh, CGM, MSME, Union Bank said, “The collaboration with Ambit Finvest Pvt ltd. is part of UBI’s strategy to bring synergy between both organizations that will help us serve the most deserving and underserviced businesses. This initiative is a part of Union Bank’s commitment to supporting the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the
nation’s economic development”. 
 
Sanjay Dhoka, COO and CFO, Ambit Finvest is delighted to be collaborating with Union Bank of India, in increasing the reach of credit to service the needs of the MSME section. With this alliance, Ambit Finvest and Union Bank of India aim to facilitate quick disbursal of credit across different locations.
 
This collaboration will ensure underwriting for originations, positively impacting the creditworthiness of MSMEs, in 11 states that are currently covered by Ambit Finvest. Many MSMEs face challenges of higher interest rates or are excluded from access to banking services. Through this innovative model of lending, MSMEs will now enjoy a blended lower rate of interest, translating into a lower cost of funds, helping them deploy capital more effectively in their business.

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