New Delhi: Vedanta Aluminium has signed a Memorandum of Understanding with Central Bank of India for offering collateral-free customer financing, officials said.
The partnership will provide low-interest working capital through ‘BALCO’ and Vedanta Metal Bazaar, a release issued by the company said.
The initiative will enable original equipment manufacturers (OEMs), including MSMEs, to access loans with minimal documentation and at highly competitive interest rates, it said.
Financing limits range from Rs 10 lakh to Rs 10 crore per customer, with the potential for higher limits based on business turnover and BALCO’s recommendation, the release said.
Rajiv Kumar, CEO of Vedanta Aluminium, said, “Our partnership with Central Bank of India marks a pivotal step in strengthening the aluminium value chain by making working capital more accessible and affordable for MSMEs, who form the backbone of India’s manufacturing and industrial ecosystem.”
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