OYO has signed MoUs with the State Bank of India and Bank of Baroda to provide loan to its existing as well as new hotel partners. The company did not share the bracket of the loans, however, it said that the MoUs are signed under the Pradhan Mantri MUDRA Yojana (PMMY)- a government scheme for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY and are given by commercial banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs. OYO has also setup an in-house fintech division, for providing collateral-free loans for its asset partners through banks and NBFCs. The company said that these loans will help individuals in Tier II and III cities to be self-employed and run their own budget assets (two rooms and above) with OYO. Jayant Chauhan, SVP - Fintech, OYO, said that this will help the company to shorten the demand-supply gap of budget hotels. This also prepares the company to battle with Airbnb, which is eyeing India in a big way. In June, Airbnb signed a memorandum of understanding (MoU) with National Commission for Women (NCW) to enter the tourism sector in the Northeast. The partnership focuses on skill development programmes for women in three states – Meghalaya, Nagaland and Arunachal Pradesh on a pilot basis. The state commissions will initially train a few women on hosting and getting financial assistance from banks, after which their homes will be listed on Airbnb’s platform. On June 8, Airbnb extended…
