JCB India nominates Karnataka Bank as preferred financier after signing MoU

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

Under the agreement, JCB will be nominating Karnataka Bank as its 'preferred financier' wherein individuals, contractors, companies and partnership firms can avail loans from the bank at competitive interest rates for purchasing a wide range of equipment from the product line of JCB India Limited, a bank press release here said.

The tie-up arrangement with JCB India is expected to boost the lending avenues under the bank's MSME portfolio.

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

He said the bank is delighted to have signed the MoU with JCB as they mirror similar values of excellence, integrity and sustainable development.

The bank is providing various finance schemes for purchase of machineries and equipment to customers with attractive rate of interest and speedy sanction of loans through digital platform. Karnataka Bank is strongly committed to provide attractive finance schemes through collaborations of this kind, Mahabaleshwara said.