Updated: 09/30/2021 12:15 pm IS
Mumbai (Maharashtra) [India]Sep 30 (ANI / NewsVoir): Indel Money, a non-banking finance company (NBFC) pioneering gold lending, has entered into a unique conventional gold lending partnership with IndusInd Bank to offer gold lending on competitive terms a larger and more diverse segment of borrowers.
As part of the co-lending partnership agreement, Indel Money will grant and process gold loans based on jointly formulated credit parameters and approval criteria. The company will serve clients throughout the loan lifecycle including procurement, documentation, collections and loan support.
IndusInd Bank will account for 80% of the gold loan generated through the co-loan agreement, while Indel Money will fund the remaining 20%. NBFC will begin the co-lending partnership with a pilot project in September 2021 before expanding to India.
The co-lending partnership will help both Indel Money and IndusInd Bank improve their gold loan portfolio across the country by penetrating various market segments.
Umesh Mohanan, Executive Director and CEO of Indel Money, said: âIt is a pleasure for us to sign the co-lending agreement with IndusInd Bank, which the bank has based on our know-how and technological capabilities to achieve the value to meet unresolved loan needs of the underserved segments of borrowers. The partnership will help us serve a wide range of customers in all regions and ticket sizes. “
Srinivas Bonam, Head of Inclusive Banking Group, Induslnd Bank, said, “We are delighted to be working with Indel Money on gold lending. They have a strong presence in the southern region and plan to expand across India. The collaboration is in place in line with our philosophy. ” and strategy to create an efficient and integrative credit solution through partnership. “
Indel Money Limited is a non-bank financial company (“NBFC”) that has been in the financial sector since 1986 and that specializes in the gold lending sector and lends money in exchange for the mortgages of household gold jewelry (“Gold Loans”). It has characterized its uniqueness through its long term gold loan products such as 1 and 2 year gold loans.
The 2 year gold loan makes them the only NBFC and offers the longest term gold loan in the country. The company has a network of 191 offices in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and Telangana as well as in the Union Territory of Puducherry. The company will venture into the states of Orissa, West Bengal and Maharashtra this fiscal year, with a focus on expanding into the states of Gujarat and Rajasthan in the next fiscal year.
The IndusInd Bank, which went into operation in 1994, is geared towards the needs of private and corporate customers. Its technology platform supports multi-channel delivery functions. As of June 30, 2021, IndusInd Bank has 2,015 branches / banking operations and 2,870 ATMs in 760 geographic locations across the country.
The bank also has representative offices in London, Dubai and Abu Dhabi. The bank believes in using technology to drive its business. It enjoys clearing bank status for both the major exchanges – BSE and NSE – and the major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.
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