OYO launched an initiative OPEN, which stands for OYO Partner Engagement Network and within this, the company has now made an announcement of a new package called the Cash in Bank facility. This CiB facility allows owners of properties and assets to avail quick loans in the form of collateral-free advances which can be used for the upgrade or renovation of their properties.
This facility will come quite useful to the owners of guest houses and hotels, who are operating under the OYO brand to quickly raise funds and transform their properties. It can enable them to offer better experience to their guests. The hospitality experience thrives on repeat visits by guests which is based on the experience they have the first time.
Announced last month, the OPEN initiative comprises 3 key areas - 6 core partner promises, an upgraded Co-OYO app for asset owners to monitor progress and a dedicated microsite for stronger interaction and engagement amongst the OYO India asset owner community. The launch of Cash in Bank facility is part of these programmes. OYO claims the CiB facility now announced comes after the feedbacks it received from its asset-owner partners, which number over 9,000. The ease of accessing these funds with the least amount of trouble is emphasised as the objective of this initiative.
This is how it will work, according to OYO:
“All the new buildings onboarded by OYO (less than 2 months old) and all the existing buildings of OYO (OYO Rooms, Spot on and Capital O brands only) are eligible to apply for Cash in Bank facility. OYO will provide a simple CIB Calculator which will allow asset owners to just enter the building code and the business advance amount required along with the tenure of the advance”.
OYO will use latest technology like artificial intelligence in making instant and accurate assessments while deciding on the entitlements etc. The advance facility is expected to be granted within 48 hours and OYO will charge a fee to be added to the monthly repayment amount fixed.
OYO Rooms and the other operational entities it has floated over the years have spent large amounts in helping their asset-owner partners in upgrading their properties and set up training centres to provide support in improving the work culture to reflect the modern hospitality standards worldwide.