Intel, ICICI Bank tie up to finance SME tech needs

Intel India has announced a collaboration with ICICI Bank to provide easy and affordable financing options for the purchase of IT solutions by small and medium enterprises (SMEs).

This association will enhance the segment's access to the latest in technology and help it increase its competitiveness, an Intel press release said.

ICICI Bank provides a broad spectrum of financial services to individuals and companies and is focussed on the SME segment, especially in tier-II and tier-III cities. The Intel-ICICI financing option includes hardware (computers, notebooks, servers, printers etc), software and connectivity options.

This is an extension of typical financing schemes that cover only hardware assets. Loans, starting from Rs 50,000 and upwards, will be offered at attractive interest rates. The offer will cover up to 70 per cent of the invoice price for a period of 12-36 months.

As part of Intel's ongoing efforts to increase PC penetration in the SME segment, the company will employ its network of 1,750 channel partners to facilitate loans to SMEs seeking affordable and easy financing, in addition to advice, installation and IT infrastructure support that the channel extends to SMEs.

Amar Babu, managing director - sales & marketing (south Asia), Intel India, said, "Not being affordable has always been a key inhibitor towards IT adoption, especially in the SME segment. Addressing this very need, Intel has introduced this collaborative financing scheme, which provides businesses with the latest technology solutions at affordable costs."