Naturals signs MoU with IOB to provide collateral-free loan to 25 women entrepreneurs in Delhi

Chennai: Hair and beauty salon chain Naturals has partnered with Indian Overseas Bank to provide collateral-free loans to 25 women entrepreneurs in Delhi. This initiative is aimed at promoting women empowerment and support their aspirations in the beauty care sector.

This partnership with IOB will help the 25 women set up a Naturals W, Naturals Salon and Naturals Lounge availing a loan of Rs 20 lakh, Rs 30 lakh and Rs 40 lakh respectively. This amount will be used for setting up the salon interiors, equipment, products, rental deposits, signage and marketing activities, according to a statement from the company.

"This partnership of Naturals with Indian Overseas Bank is in line with our vision of women empowerment. With this we are one step closer to our target of setting up 3,000 salons by 2018. A methodical research has gone through in identifying these 25 women from this region, keeping in mind our plans for the market and the potential that we see for our brand through this expansion," CK Kumaravel, CEO & Co Founder, Naturals, said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.