JCB India nominates Karnataka Bank as preferred financier after signing MoU

The Karnataka Bank, headquartered in the city, has signed a Memorandum of Understanding (MoU) with JCB India Limited, a manufacturer of earth-moving and construction equipment in India.

Under the agreement, JCB will nominate Karnataka Bank as its “Financial Fund of Choice”, whereby individuals, contractors, businesses and partner companies can obtain loans from the bank at competitive interest rates for the purchase of a wide range of equipment from JCB India Limited's product line, said a bank press release here.

The partnership agreement with JCB India is expected to boost lending under the bank's SME portfolio.

Following the signing of the MoU on Friday, the bank's CEO and managing director, M S Mahabaleshwara, said the bank is at the forefront of financing micro, small and medium-sized enterprises (MSMEs) in line with its focus on credit growth.

The bank offers various financing schemes for the purchase of machinery and equipment to customers with an attractive interest rate and rapid loan sanctioning through a digital platform. Karnataka Bank is strongly committed to providing attractive financing arrangements through these types of partnerships, Mahabaleshwara said.