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Indian Overseas Bank (IOB) has tied up with Naturals, a hair and beauty chain, to help the latter spread its wings in Northern India. Through this partnership, IOB will extend collateral-free loans to first-time woman entrepreneurs looking to set up a Naturals spa, salon or lounge in North India.
“We are basically extending to North India what has been a successful partnership for us in South India,” Naval Gupta, General Manager, IOB, told BusinessLine here.
In the last one year, IOB had extended loans to 46 salons of Naturals and most of them were based out of South India.
Gupta said IOB was ready to finance the first time women entrepreneurs referred by Naturals on the strength of the underlying property of salons, spas or lounges.
No collateral“We are not taking any collateral from the woman entrepreneur or not insisting on any third party guarantee,” said Gupta.
CK Kumaravel, CEO and Co-founder of Naturals, said the company had 54 branches in North India and wanted to ramp it up to 200 by March next year.
“We want to add another 150 salons in next six months in North India and this tie-up with IOB will help achieve this objective,” Kumaravel said.
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