Hospitality firm OYO Wednesday launched 'Cash in Bank' facility for its asset owner-partners across India under the company's ongoing OYO Partner Engagement Network (OPEN) initiative.
With the 'Cash in Bank' (CiB) facility, the asset owners across the country can benefit from quick, collateral-free business advances to upgrade or renovate their buildings, OYO said in a statement.
To begin with, all the new buildings on-boarded by OYO and all the existing buildings of OYO (OYO Rooms, Spot on and Capital O brands only) are eligible to apply for the facility, it added.
OYO Hotels & Homes CEO (India & South Asia) Aditya Ghosh said, "As a direct outcome of our constant engagement with the asset owner-partners under the aegis of OPEN, we realised the need for providing a quick and hassle-free financing product to cater to their expansion and renovation needs."
OYO believes that this product has the potential to be a game-changer for our asset owners and to elevate their relationship with the company, he added.
"In order to cover the financial risks involved in an unsecured, collateral-free advance, OYO will be charging a minimal service fee to the asset owner over and above the monthly instalments to repay the principal amount," the statement said.
The limit of the business advance is up to Rs 20 lakh.
Asset owners will be able to meet their capital requirements for renovations and upgradation work within 48 hours without the need for any supporting collateral, it added.
Currently, OYO Hotels and Homes have over 9,000 asset owner-partners spread across nearly 260 cities in India.
Also Read: MTR Foods sets up Rs 50 Cr startup fund