Muthoot FinCorp on Wednesday announced the launch of custom-made product ‘Vyapar Mitra Business Loans’.
Traders, business owners and self-employed individuals can avail business loans based on their daily cash flow without any additional collateral, Muthoot FinCorp said in a press statement.
The statement added that one can get business loans without Income Tax Return papers and no prior CIBIL score records.
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, Muthoot FinCorp said.
The company said 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.
Shaji Varghese, CEO, Muthoot FinCorp, said, “This is a custom-made product for meeting specific customer requirements, especially for the daily income groups and this time we wanted to do it for the micro and small enterprises of the country which keep our economy vibrant. I hope that ‘Vyapar Mitra’ plays a significant role in boosting the economy through empowering the retail traders and shopkeepers of the country.”
It is tailor-made exclusively for each business segment keeping their specific needs and requirements in mind.
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