Aditya Birla Finance launches new product to support small businesses in Odisha
Mumbai, June 29, 2022: Aditya Birla Finance Ltd (ABFL), the lending subsidiary of Aditya Birla Capital Ltd., announced the launch of a new product – Micro Loan Against Property (Micro LAP) – across its 11 branches in the state of Odisha. This product will be an addition to the existing gamut of offerings provided by ABFL to empower the dreams of various small businesses in the state. Customers can avail of ‘Micro LAP’ at the following 11 branches, which include regions like Bhadrak, Balasore, Cuttack, Bhubaneswar (Chandrasekharpur, Sisupal Garh), Khorda, Puri, Sambalpur, Balangir, Behrampore and Sundargarh.
Under ‘Micro LAP’, customers can now avail of a loan against property of up to Rs. 10 lakhs with a shorter tenure of 6 years. And businesses with higher capital needs can avail loans up to 1 crore under the ‘Small Ticket Secured Loans’ (STSL) scheme with a maximum tenure of 15 years. These products can be availed swiftly with minimal documentation, attractive interest rates and easy repayment options. This will provide various small businesses access to reliable and easy funding, thereby helping them with their business expansion and growth plans.
Odisha is one of the fastest growing states in the country with a robust economy growth of 10.1% in FY22, higher than the national growth rate of 8.8% in FY22. It is home to ~4.94 lakh registered MSMEs with a total investment of ~INR 23,690 crore till FY22, belonging to a host of sectors such as repairing services, food & allied, and manufacturing services among others. The MSME segment is providing employment to 18.11 lakh people of Odisha, the maximum employment generated by any segment in the state. Odisha promotes and enhances the competitiveness of MSMEs in the state with an objective to facilitate the growth and development of MSME segment. To assist in achieving this vision, ABFL, through its Micro LAP and STSL products, aims to extend easy financing options for MSMEs in the state.
Commenting on the launch, Mr Rakesh Singh – Managing Director & CEO, Aditya Birla Finance Ltd., said, “We are delighted to announce the launch of our new “Micro LAP” product across our branches in the state of Odisha, which generates its maximum employment from the MSME segment. As the state’s GDP is growing fast, its need for growth finance is also increasing. We at ABFL aim to cater to this diverse and untapped customer base in Odisha. We have designed our products to fulfil their financial needs and created a seamless loan offering experience at our branches which will help both the potential and existing customers across the state. This will empower small businesses with new aspirations, confidence, and a renewed vision to breakthrough new horizons of success by unleashing their true potential.”