Corporation Bank is looking to disburse ₹4,500 crore of loans to MSMEs (micro, small and medium enterprises) during the next few months, CK Gopal, General Manager, said.
Speaking to BusinessLine , he said the bank has launched a special four-month campaign in this regard. This campaign, which began on October 1, will be in force till the end of January.
To make the task of existing and prospective customers easy, the bank has introduced a facility of filing loan application online on the bank’s website.
The online process is simple as the applicant has to fill basic details about his/her company and the amount of loan required. The applicant can also select the branch of choice.
He said the entire process may require less than five minutes. Normally, a client visits the branch to make, what may be, routine enquiries. That time can now be saved. For term loans, the system gives an indication about the eligibility amount immediately.
Once the customer completes the online application process, he/she will get a reference number. The branch concerned and the zonal marketing team of the bank will be informed about this for further follow-up and they will get in touch with the customer, he said.
The MSME advances of the bank stood at ₹28,995 crore during the second quarter of 2016-17 as against ₹25,354 crore in the corresponding period of the previous fiscal, recording a growth of 13 per cent.
Gopal said that the special four-month campaign will help branch managers focus more on MSMEs. This gives them sufficient time to discuss the leads and extend loans.