Vakrangee Limited partners with Union Bank of India to facilitate Easy Loan facility

Vakrangee Limited (VL) has entered into a partnership arrangement with Union Bank of India (UBI) to provide the loan facility for Pan India Nextgen Vakrangee Kendra franchisees. Both new and existing franchisee would be eligible to avail loans from UBI. The bank is offering a special product for Vakrangee Kendra franchisee under Union Mudra Scheme.

The partnership with Union Bank of India, will boost the convenience by offering attractive loan schemes to our NextGen franchisees. Easy availability of finance is a key driver during these times and this partnership with UBI will help our Nextgen Vakrangee Franchisees for availing the term loan for setting up of Vakrangee Kendra and also Working Capital loan at their nearest Union bank of India Branch.

Under Pradhan Mantri Mudra Yojana (PMMY) the Bank extents finance to the micro enterprises which are in the business of manufacturing, trading and service sector in rural, urban & metro areas. The Loans covered under MUDRA scheme are collateral free loans.

Recently, the Government has also approved Rs. 3 lakh crore funding for MSMEs. Under this scheme the government offers full guarantee and collateral-free loans. Further, Vakrangee Kendra franchisees fall under the MSMEs category and are eligible for the Term Loan and Working capital facility under Mudra Scheme.

The Company had done a Pan India marketing campaign over the last six to eight months and has received a tremendous positive response for the same and we have received huge number of franchisee enquiries for our Nextgen Vakrangee Kendras.

The Company has a planned target of opening 3,00,000 outlets by 2025 and will be opening in a batch of 25,000 each. This partnership shall provide a positive thrust and ease the process of franchisee on-boarding, thereby shall enable us to achieve our growth targets well ahead of our targeted timelines.

Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, "We are happy and honored to announce this partnership with Union Bank of India (UBI) for providing the loan facility across our NextGen vakrangee kendras. This partnership will help UBI to offer the loan facility across India including deep geographies of country where Nextgen Vakrangee Kendra Outlets are present.

With this partnership, now our franchisees will have unparalleled access to finance and will significantly ease the process of new franchisee on-boarding due to which we shall be able to achieve our planned targets well ahead of targeted timelines. This would in turn have a huge positive impact on our revenues and profitability going forward.

Due to the overwhelming response received on the new enquiries, the Company has already initiated the on-boarding to Go-live process of these outlets and we are confident to achieve the target of 25,000 outlets and long term target of 3,00,000 outlets well ahead of our stated timelines. We have already begun the preparation on key requirements to achieve this feat."

Vakrangee also feels proud to share that during such a crucial crisis situation of Covid-19 Pandemic and also in the situation of Lockdown in the country, our more than 10,000 Vakrangee Kendras are operational to provide the key essential services and thus serving the Nation.

Shares of Vakrangee Limited was last trading in BSE at Rs.34.95 as compared to the previous close of Rs. 34.95. The total number of shares traded during the day was 344095 in over 1547 trades.

The stock hit an intraday high of Rs. 35.35 and intraday low of 33.5. The net turnover during the day was Rs. 11938814.

Shares of UNION BANK OF INDIA was last trading in BSE at Rs.32.7 as compared to the previous close of Rs. 33.8. The total number of shares traded during the day was 621234 in over 968 trades.

The stock hit an intraday high of Rs. 33.8 and intraday low of 32.35. The net turnover during the day was Rs. 20334204.

Source : Equity Bulls

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