Edelweiss Retail Finance (ERFL), a unit of the Edelweiss Group, has strengthened its MSME co-lending partnership with commercial lender Central Bank of India (CBoI).

The two entities signed a memorandum of understanding (MoU) to expand the existing lending portfolio for MSMEs.

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The Micro, Small and Medium Enterprises (MSMEs) can now apply for collateral free business loans up to INR5m. Previously, the service provided up to INR1m of unsecured business loans.

The businesses can also avail LAP Loans (with property backed collateral) up to INR100m ($1.37m).

Edelweiss Credit Business Group head Deepak Mittal said: “At a time when we are witnessing the biggest disruption of our lives in the form of a pandemic and businesses across the globe have been badly hit, co-lending can provide the much-needed impetus with greater access to credit.

“This is also in line with our strategic objective of being asset light and building a highquality lending book. We are happy to partner with a reputed institution like Central Bank of India to provide easier access of credit to MSMEs, who form the backbone of the Indian economy and help drive financial inclusion and democratise access to credit.”

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Edelweiss Retail Finance CEO Mehernosh Tata said: “We are excited to partner with Central Bank of India, towards unlocking higher business value and delivering a digitally enhanced experience to MSME borrowers.

“This arrangement is a win-win for MSMEs, Bank and us and will help channelise credit to the priority sector as we step up lending in a credit starved economy.”