Muthoot FinCorp has launched ‘Vyapar Mitra Business Loans’ on Wednesday to provide working capital and business loans to micro and small businesses, including traders, business owners and self-employed individuals.
These loans may be availed based on daily cash flows and without any additional collateral, Income Tax Return papers or prior CIBIL score records, the company said in a release.
“Shop owners who earn a daily income can benefit from the daily repayment option, lowering their interest outflow which makes Vyapar Mitra more attractive than bank loans,” it said, adding that the new product also offers benefits like no pre-payment charges, loan renewals up to three times a year, simple and fast documentation, and quick disbursal of loans.
The product will be available in over 3,600 Muthoot FinCorp branches across the country.
“This is a custom-made product for meeting specific customer requirements, especially for the daily income groups. I hope that ‘Vyapar Mitra’ plays a significant role in boosting the economy through empowering the retail traders and shopkeepers of the country,’’ said CEO Shaji Varghese.
Muthoot FinCorp Ltd., the flagship company of the Muthoot Pappachan Group, is a leading NBFC providing loans against gold and MSME loans and has served more than 1.3 lakh customers.