Financial Daily from THE HINDU group of publications
Friday, Jul 22, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 22, 2005 |
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Money & Banking
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Foreign Banks Industry & Economy - SSI HSBC launches credit facility for SMEs Our Bureau
Mumbai , July 21 HONGKONG and Shanghai Banking Corporation (HSBC) on Thursday launched an unsecured credit facility for small and medium enterprises (SMEs). Under the new loan facility - `Business Credit' - SMEs can get credit up to Rs 15 lakh without any collateral and up to Rs 35 lakh with a minimal security margin. Average interest rates on these loans would be 16-19 per cent, said Mr Subir Mehra, head of commercial banking, HSBC. Ms Margaret Leung, global head, commercial banking, HSBC, who was in India to launch the product, said that the bank considers SME sector plays an important role in the growth of Indian economy and the new product will help them meet their working capital requirements.
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