Indian Overseas Bank ties up with Naturals

Written by FE Online | New Delhi | Updated: Oct 13 2014, 21:28pm hrs
Indian Overseas Bank (IOB) and beauty salon Naturals today signed a Memorandum of Understanding (MoU). through this partnership, IOB provides collateral free loan to 25 budding women entrepreneurs in Delhi promoting women empowerment and strongly supporting their aspirations in the field of beauty.

This partnership with IOB will help the 25 women in setting up a Naturals W, Naturals salon and Naturals Lounge availing a loan of Rs 20 lakhs, 30 lakhs or 40 lakhs respectively.

This amount will be used for setting up the salon interiors, equipments, products, rental deposits, signage and marketing activities.

Speaking on the occasion C K Kumaravel, CEO & Co Founder, Naturals said, 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 3000 salons by 2018.

"We strongly believe that such initiatives will spur greater employment opportunities to the enterprising innovators in this field, said Naval Gupta, General Manager, IOB.