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Syndicate Bank unveils 5 products for MSMEs

State-run Syndicate Bank has rolled out five new products to meet the credit requirements of micro, small and medium enterprises sector (MSMEs).

"As we are committed to the growth and development of the MSME sector, we are offering five new products to meet the credit requirements of cashew industry, transport operators and weavers," Syndicate Bank chairman and managing director Sudhir Kumar Jain said in a statement in Bangalore on Monday.

The schemes - SyndDoctor, SyndGranite, SyndTextiles, SyndCashew and SyndTransport - are tailor made for the sector.

The bank has also reduced interest rates on housing loans to its base rate of 10.25 percent per annum for existing and fresh loans and also lowered interest rates on vehicle loans, consumer loans to commemorate its 88th foundation day.

"We are not limited to providing finance to those who can offer security of the traditional type but to any enterprise looking for finance for its growth prospects," Jain said.

Coinciding with its 88th foundation day, the Manipal-headquartered bank has opened 88 branches in various states across the country, taking its branch network to 3,315.

"The bank has been sound on financials, as evident from our business growing to Rs.346,000 crore and customer base to 33 million by the end of second quarter of this fiscal," Jain added.