Karnataka Bank has signed a memorandum of understanding (MoU) with SCHWING Stetter India Pvt Ltd, a construction equipment manufacturer, for financing construction equipment.
The bank will be designated as a financial partner to provide loans at competitive interest rates for buying f construction equipment.
In a press release, Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, said: “In keeping with our focus on credit expansion, the bank is at the forefront of funding MSMEs (micro, small and medium enterprises). We are delighted to have signed an agreement with SCHWING Stetter, who share similar principles of excellence, integrity, and long-term development. Our bank offers numerous financing solutions for the acquisition of equipment, with competitive rates of interest and quick loan approvals through digital platform.”
VG Sakthi Kumar, Managing Director of SCHWING Stetter India Pvt Ltd, said, “With huge investments in infrastructure, we hope our association with Karnataka Bank will help the bank’s customers easily acquire machines built with the best technology, in a state-of-the-art manufacturing facility with futuristic and digitalised solutions for the construction industry.”