Aditya Birla Finance launches new product to support small businesses in Tamil Nadu

Aditya Birla Finance Ltd (ABFL), the lending subsidiary of Aditya Birla Capital Ltd., announced the launch of a new product – Micro Loan Against Property (Micro LAP) – across its 14 branches in the state of Tamil Nadu. This product will be an addition to the existing gamut of offerings provided by ABFL to empower the dreams of various small businesses in the state. Customers can avail of ‘Micro LAP’ at the following 14 branches, which include three locations in Coimbatore – NSM Palayam, Sundarapuram, RS Puram, and other regions like Pollachi, Palladam, Erode, Salem, Omalur, Rasipuram, Idappadi, Attur, Nammakal, Thiruchenkode, and Dharmapuri.

Under ‘Micro LAP’, customers can now avail of a loan against property of up to Rs. 10 lakhs with a shorter tenure of 7 years. And for businesses with higher capital needs can avail of loans up to 1 crore under the ‘Small Ticket Secured Loans’ (STSL) scheme with a maximum tenure of 15 years. These products can be availed swiftly with minimal documentation, attractive interest rates and easy repayment options. This will provide various small businesses access to reliable and easy funding, thereby helping them with their business expansion and growth plans. 

Tamil Nadu is the second richest and wealthiest state in India with a GDP of Rs. 21.79 lakh crore in FY22. It is home to 6.89 lakhs registered MSMEs – the highest of all states – belonging to a host of sectors such as textiles, jewellery, hosiery, handlooms, and powerlooms. Recently, Tamil Nadu has announced its target of achieving a $1trillion economy by 2030. To achieve this target, it needs to scale up its MSMEs. However, one of the roadblocks to realising this target is the absence of growth financing. ABFL, through the Micro LAP and STSL products, aim to extend easy financing options for MSMEs to propel this vision of Tamil Nadu’s economic growth.

Commenting on the launch, Mr Rakesh Singh – Managing Director & CEO, Aditya Birla Finance Ltd., said, “We are delighted to announce the launch of our new “Micro LAP” product across our branches in the state of Tamil Nadu, which is the largest market for the MSMEs. As the state’s GDP is growing fast, its need for growth finance is also increasing. We at ABFL aim to cater to this diverse and untapped customer base in Tamil Nadu. We have designed our products to fulfil their financial needs and created a seamless loan offering experience at our branches which will help both the potential and existing customers across the state. This will empower small businesses with new aspirations, confidence, and a renewed vision to breakthrough new horizons of success by unleashing their true potential.”