OYO Hotels & Homes has introduced a Cash-in-Bank (CiB) facility for its asset owners that will allow the latter to upgrade and renovate their properties, the second such initiative under its recently-launched partner engagement program.
Under the new financing facility, which is part of OYO’s partner engagement initiative that was introduced in April, asset owners can avail of collateral-free business loans to meet their expansion and renovation needs, the company said in an official press release.
“We believe this facility has the potential to be a game-changer for our asset owners and elevate their relationship with us,” Aditya Ghosh, Chief Executive of OYO India and South Asia, said in the official statement.
The company said that all new buildings onboarded by OYO, less than two months old, along with existing buildings that are under its OYO Rooms, Spot On and Capital O brands, are eligible to avail of the financing facility.
“As a direct outcome of our constant engagement with the asset owner partners under the aegis of OPEN - OYO Partner Engagement Network - we realized the need for providing a quick and hassle-free financing facility to cater to their expansion and renovation needs,” Ghosh said in the company-issued statement.
According to the company, the CiB financing facility was set up, post requests for assistance by a large number of OYO’s asset owners, which cumulatively total 9,000, and are spread across 260 cities in India and South Asia, to help them finance expansions and secure loans from banks and NBFCs at discounted rates.
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