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.