Capital India Finance (CIFL) has signed Memorandum of Understanding (MoU) with Union Bank of India, for Co-origination of loans under the Co-origination guidelines prescribed by Reserve Bank of India. This partnership enables CIFL to cater to a large section of unserved customers in the small and emerging corporate segment through an efficient blend of economically priced and innovative financing solutions.
This arrangement would entail joint contribution of credit at the facility level, by both lending partners, i.e. the Union Bank and CIFL. This arrangement will promote increase in the credit off-take in respective market and offer timely delivery of the credit at significantly lower cost.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories – Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.