UCO Bank has opened 37 SMEs across India in FY'12

By Pradeep Yuvaraj | March 30, 2011

A recent press report said that UCO bank has planned to open 37 SMEs hubs pan-India in FY’12 in order to facilitate single window clearance for loans. Mr. Arun Kaul, Chairman and Managing Director, UCO Bank Chairman said that the bank has planned to set up 37 hubs that will provide to the loan requirements of SMEs. He also said that the bank has already set up two hubs in Delhi and Mumbai for disbursing loans to SMEs.
Mr. Arun Kaulsai said that the bank has planned to open 26 hubs in various cities, , including Delhi, Coimbatore, Pune, Bangalore, Chennai, Chandigarh, Hyderabad, Ahmedabad, Ludhiana, Jaipur, Vellore, Surat, Ernakulam and Mumbai by the end of 2011.He said that the bank has planned to double its credit flow to SMEs in the next 1-2 years.

He added saying that the disbursal of loans would be completed in 21 days from the date of application, and the bank will provide working capital and term loans to SMEs engaged in the manufacturing process with an investment in plant and machinery or equipment of above Rs 25 lakh up to Rs 10 crore.

It also provides loan to enterprises engaged in the services sector with a minimum investment of above Rs 10 lakh and below Rs 5 crore. It bank also offers home loan, business loan, personal loan etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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