Vedanta Aluminium partners with Central Bank of India to offer collateral-free financing for customers

VEDANTA Aluminium, India's largest aluminium producer, has signed a Memorandum of Understanding (MoU) with the Central Bank of India to provide collateral-free financing for customers through its unit, BALCO. This initiative aims to support original equipment manufacturers (OEMs) and Micro, Small, and Medium Enterprises (MSMEs) by offering loans with minimal documentation and highly competitive interest rates, boosting India's downstream metal sector.

- PBD BUREAU

Over 60 per cent of Vedanta Aluminium's downstream customers are MSMEs. To enhance accessibility, the financing program will be integrated into Vedanta Metal Bazaar, the company's digital e-superstore for aluminium products. This integration enables quick loan disbursement, digital coordination, automated lien marking, and real-time invoice tracking, simplifying the financing process.

Vedanta Metal Bazaar already connects customers with several banks and NBFCs, serving over 100 customers with financing options growing at 30% annually. Adding the Central Bank of India, known for its extensive national presence, will expand access to working capital across India.