Under its ongoing OYO Partner Engagement Network (OPEN) initiative, OYO has announced its new initiative, Cash in Bank (CIB).
Under CIB, asset owners across India can upgrade or renovate their buildings with collateral-free business advances. All new buildings onboarded by Oyo (less than 2 months old) and all the existing buildings of OYO (OYO Rooms, Spot on and Capital O brands only) are eligible for the Cash in Bank facility.
To avail the benefit, asset owners, by means of OYO’s CIB calculator, have to enter the building code and the business advance amount required along with the tenure of the advance. The calculator will then show if the building is eligible for the advance along with the charges applicable.
To cover the financial risks involved in such businesses, OYO will be charging a minimal service fee to the asset owners, over and above the monthly installments to repay the principal amount. The initiative will require asset owners to fulfill their judiciary requirements for renovation and upgradation within 48 hours.
Commenting on this new initiative, Aditya Ghosh, chief executive officer, India and South Asia said, “We believe this facility has the potential to be a game-changer for our asset owners and elevate their relationship with us. At OYO, we are on a mission to create quality living spaces and make it accessible and affordable for millions of our customers and we cannot do this without the active support and encouragement of our asset owner partners.”