Bharatiya Mahila Bank has tied up with CavinKare’s salon business arm Trends in Vogue to offer loan facility to women entrepreneurs. Earlier, the bank has partnered with hair and beauty salon Naturals, to offer loans to women entrepreneurs to become franchisee of the salon. Usha Ananthasubramanian, CMD of the bank, signed a memorandum of understanding with C.K. Ranganathan, CMD of CavinKare. Under the program, the bank would provide a loan amount between 65-75% of the total project cost and is available for franchises to avail across India. The rate of interest will be from 11.5% to 12.5%, with 1% concession to the women entrepreneur. Usha Ananthasubramanian said the bank sees tremendous potential in the Indian beauty industry for women to establish themselves as entrepreneurs. Loans below Rs 1 crore do not require collateral, she added. Lending to franchisees of a brand like TIV would assure the repayment of loan, since there is a stength coming from the brand, she said.
