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Bank of Baroda and U Gro Capital ink loan co-origination

U GRO Capital is a new-age NBFC that aims to solve any credit gap in the SME sector based on knowledge and technology.

ET Bureau|
Oct 07, 2019, 09.25 PM IST
MUMBAI: U GRO Capital, a non-banking finance company that lends to small businesses, tied up with state-owned Bank of Baroda for its first loan co-origination.

The partnership aims to offer customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time to SMEs by deploying U GRO Capital’s indigenously developed co – lending technology platform ‘GRO- Xstream’.

“The MSME sector will be a significant beneficiary from this co-origination tie-up,” said V. S. Khichi, executive director at Bank of Baroda. we have entered into these MOUs with a view to enhance our footprint in delivery of products and services in the MSME eco-system.

This platform offers big banks & other large financial institutions to choose customers as per their own selection criterion while utilizing U GRO’s proprietary underwriting engine.

U GRO Capital is a new-age NBFC that aims to solve any credit gap in the SME sector based on knowledge and technology.

“This partnership is a validation of our knowledge-driven approach backed with technology along with the highest levels of corporate governance,” said Shachindra Nath, executive director, U GRO Capital. We look forward to a long-term mutually beneficial relationship with Bank of Baroda, to serve MSMEs in our chosen sectors.”

The platform helps in getting an in-principle decision for the loan application within 60 minutes The Company has already disbursed more than Rs 600 crores across 6000 plus small businesses in a short span of 10 months.
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