Vakrangee partners with Union Bank of India

Vakrangee Limited (VL) has entered into a partnership arrangement with Union Bank of India (UBI) to provide loan facilities for Pan India Nextgen Vakrangee Kendra franchisees. Both new and existing franchisees would be eligible to avail loans from UBI. The bank is offering a special product for Vakrangee Kendra franchisee under Union Mudra Scheme.

The partnership with Union Bank of India will boost convenience by offering attractive loans. Easy availability of finance is a key driver during these times and this partnership with UBI will help Nextgen Vakrangee Franchisees for availing the term loan for setting up of Vakrangee Kendra and also, working capital loans at their nearest Union Bank of India branch.

Under Pradhan Mantri Mudra Yojana (PMMY), the bank extends finance to the micro-enterprises, which are in the business of manufacturing, trading and service sector in the rural, urban and metro areas. The loans covered under the MUDRA scheme are collateral-free loans.

Recently, the government also approved Rs 3 lakh crore funding for micro, small and medium enterprises (MSMEs). Under this scheme, the government offers a full guarantee and collateral-free loans.

Vakrangee focusses on building India's largest network of last-mile retail outlets to deliver real-time banking and financial services, ATM, insurance, e-governance, e-commerce and logistics services to the unserved rural, semi-urban and urban markets. Further, Vakrangee Kendra franchisees fall under the MSMEs category and are eligible for the term loan and working capital facility under Mudra Scheme.

Vakrangee limited stock opened at 36.35, up by 4 per cent or Rs 1.4 per share from its previous day's close.