Union Bank of India has entered into MOU with The National Small Industries Corporation Ltd (NSIC) under “NSIC Bank Credit Facilitation Scheme” to support MSMEs with credit requirements.
Under the arrangement the MSME unit can approach directly to any of NSIC branch offices which are also operating as finance facilitation centre (FFC) and submit their request for loan requirement from Union Bank of India.
The official sitting at the NSIC branch will provide hand holding support to the MSME unit by assisting them in completing all documentation as required for further submission to the bank. These documents are to be provided by the MSME unit based on the checklist of the bank. No fee is charged from the MSME unit for applying for loan under this scheme, stated a press release.
The agreement was signed by PK Das, FGM-Delhi on behalf of Union Bank of India and PR Kumar CGM, NSIC.