Mahindra Ideal Finance launches MIFL Revolving Business Loan

• Rolls out credit solution for multi brand vehicle importers and SMEs

Managing Director and CEO Mufaddal  A. Choonia

Mahindra Ideal Finance Ltd (MIFL), one of Sri Lanka’s fastest growing finance companies, yesterday announced the launch of the MIFL Revolving Business Loan – a customised loan facility designed to address the short-term working capital needs of multi-brand vehicle importers and other small and medium enterprise (SME) business owners across the country.  

The MIFL Revolving Loan product has been specifically developed to address the challenges faced by the multi-brand vehicle importers and SME and business owners, like irregular cash flows, delayed receivables and the need for quick working capital to manage inventory cycles in order to capitalise on the emerging growth opportunities currently prevalent in the market. 

With a one-time approval process, the new revolving business loan facility offers a flexible credit line that can be drawn and repaid multiple times, based on the operational cash flows of a business, thereby saving precious time and paperwork for business owners. 

According to MIFL Managing Director and Chief Executive Officer Mufaddal A. Choonia, maintaining a strong, long-term relationship with multi-brand vehicle importers as well as SME and other business owners has been MIFL’s growth engine and hence, will always be a core priority for MIFL. 

“In addition to maintaining a continuous focus on our retail clients, the success of MIFL has been powered by our ability to engage with and understand the operational pressures that the vehicle importers and other business owners face when it comes to managing cash flows and securing short-term finance to better manage their inventory cycles according to the changing market dynamics.

Our revolving business loan facility has been developed to provide them with a structured, repeatable and transparent credit solution that supports the business community in confident decision-making,” he added.