Digital lending platform, Capital Float along with Via.com has unveiled the “Via Loan Mela” to provide travel agents access to working capital finance. The program targets 5000 travel agents across 5 cities in India.
The loan “Mela” is being conducted in Mumbai, Delhi, Faridabad in December while Kolkata and Hyderabad loan “Mela” was organised in November, targeting the travel agent community in these cities.
This initiative aims at driving the adoption of Capital Float’s unique collateral free product Pay Later, a custom-built loan offering that caters to the unique needs of travel agents, with loan amounts up to Rs. 25 lakhs.
Pay Later enables travel agents to make multiple drawdowns from a pre-determined credit facility, increasing their accessibility to instant finance. This revolving credit product can be accessed using Capital Float’s mobile app. Agents can conveniently make payments to the principal using this app. Interest is charged on the drawdowns only and not the entire credit facility.
This will provide agents with the necessary working capital support needed to scale up their operations and reach new customers.
“The revenue in the tourism industry fluctuates seasonally. During peak seasons, many travel agents from tier 2 and tier 3 cities have insufficient working capital to undertake bulk bookings. Through this “mela” we aim to provide travel agents across India with more funds at their disposal to increase their booking capacity and revenue,” said Gaurav Hinduja, Co-Founder, Capital Float.
“Through this partnership with Capital Float, we aim to address the challenges faced by our agents in meeting the fluctuating booking demands of tourists in different seasons. The timely working capital finance provided by Capital Float will be key in determining the business growth of the agents on our platform,” said Sanjay Gupta, Business Head – India & Middle East, Via.com.