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OYO Hotels signs MoU with SBI and Bank of Baroda to offer financial support for small hotels

In the past, partner hotels have witnessed an increase in revenue and occupancy levels after becoming a part of OYO’s chain of hotels.

, ET Bureau|
Last Updated: Jul 25, 2018, 03.54 PM IST|Original: Jul 25, 2018, 03.54 PM IST
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In the past, partner hotels have witnessed an increase in revenue and occupancy levels after becoming a part of OYO’s chain of hotels.
NEW DELHI: OYO announced on Wednesday that it has inked MoUs with the State Bank of India and Bank of Baroda for extending its support to budget hotels and creating jobs across levels. Signed under the aegis of the Pradhan Mantri Mudra Yojna, the MoUs are aimed at providing financial support to OYO’s existing and potential hotel partners for standardization at their properties, OYO said.

Jayant Chauhan, SVP - Fintech, OYO, said: “We are thrilled to join hands with banking powerhouses - the State Bank of India and Bank of Baroda and achieve the mission of job creation in the country by enabling the youth to emerge as micro entrepreneurs and run their own successful businesses. These MoUs will help us in shortening the demand-supply gap of quality accommodation by offering hoteliers a platform to transform their property and enhance the business by creating beautiful living spaces. In the past, partner hotels have witnessed an increase in revenue and occupancy levels after becoming a part of OYO’s chain of hotels. On average, in business cities, we have been delivering 80%+ occupancy.’’

OYO said towards enabling convenient financing and collateral-free loans for its asset partners through banks and NBFCs, it has also established an in-house Fintech division. These loans will help individuals hailing from Tier II and III cities to be self-employed and run their own budget assets with OYO’s brand portfolio allowing them to become partners through OYO Home (two rooms and above) or OYO Rooms under the franchise or manchise model.



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