Muthoot FinCorp launches Vyapar Mitra- collateral-free daily installment loans for micro and small businesses.
Mumbai, February 2023: It is no secret that India’s economic growth revolves around millions of retailers, traders, and self-employed individuals. As a means to cater to their business growth through providing working capital and loans for business improvement, Muthoot FinCorp is introducing a novel and custom-made product, ‘Vyapar Mitra Business Loans.’
With Vyapar Mitra business loans, Traders, Business owners, and self-employed individuals can avail of business loans based on their daily cash flow without any additional collateral. Making Vyapar Mitra stand out in the financial market, 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. 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. Vyapar Mitra is set to be launched on the 15th of February 2023 and will be available in 3600+ Muthoot FinCorp branches across the country.
“Muthoot FinCorp has always stood to transform the lives of the country’s common man and give the unbanked their first entry point to the formal banking sector through MFL. 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’’ said Shaji Varghese, CEO, of Muthoot FinCorp Ltd.
Adding another golden feather to its 136+ years of transforming lives, Vyapar Mitra is yet another customer-centric solution developed by Muthoot FinCorp. Praised for its empathetic and thoughtful products, Vyapar Mitra is no different. It is tailor-made exclusively for each business segment keeping their specific needs and requirements in mind.
Muthoot FinCorp Ltd., the flagship company of the Muthoot Pappachan Group, is one of the leading NBFCs in the country, providing loans against gold and MSME loans. Over the years, Muthoot FinCorp, an organization built on trust has delivered a wide range of products and services targeting low and middle-income families. Serving more than 1,25,000 consumers every day, Muthoot Pappachan Group has left its mark in multiple sectors, including financial services, tourism, transportation, real estate, IT services, healthcare, precious metals, international services, and alternative energy.