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Business EconomyPosted at: Jan 19 2022 3:38PM


Chola launches 3 new business divisions

Chennai, Jan 19 (UNI) Cholamandalam Investment and Finance Company
Limited (Chola), the financial services arm of Murugappa Group today
launched three new business divisions in the Consumer and SME eco-
system.
The new business divisions are Consumer and Small Enterprise Loan (CSEL),
Secured Business and Personal Loan (SBPL) and SME Loan (SME), a company
release here said.
CSEL will focus on the personal professional loans, which was one of the fastest
growing segments in India through traditional, direct to customer and digital
partnership channels.
The MSME segment is significantly under-penetrated in India with more than
60 per cent of MSMEs not having access to formalized credit. Considering the
importance and contribution of MSMEs to India’s economy, Chola is introducing
Small Enterprise Loans which will be offered to small businesses in manufacturing,
trading, and services segments. The product range would include Term Loans,
Flexi-loans etc.
The company entered in strategic partnership with 3 leading Fintech companies,
BankBazaar, Kreditbee and Paytail. With these alliances, the company intends
to drive greater financial inclusion especially among those customers who are
economically active but not having adequate access to formal credit.
The SBPL vertical will offer loans to self-employed non-professionals, through traditional
channels. These loans will enable small businesses like traders and service providers to
meet their funding requirements for day-to-day operation and business improvements.
Company Chairman Vellayan Subbiah said the company is also in advanced discussions
with many more Fintechs and digital ecosystem partners for sourcing of personal loans,
professional loans, Micro and Small business loans and BNPL.
"The company is expecting to go live with these partnerships over the next 3-4 months“,
he said, adding, the broader plan is to leverage our 40+ years of lending experience and
1,100+ branch network to grow each segment rapidly over the next few years and drive
our next wave of growth.
UNI GV 1535
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