Indel Money enters partnership with IndusInd Bank to offer gold loans at competitive rates
Under the co-lending partnership, Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. The company will service the customers through the entire lifecycle of the loans including sourcing, documentation, collection and loan servicing.
IndusInd Bank will take into its book 80% of the gold loan generated by the co-lending arrangement, while the remaining 20% will be funded by Indel Money. The NBFC will start the co-lending partnership with a pilot project shortly before expanding it pan India.
The co-lending partnership will help both Indel Money and IndusInd Bank enhance their gold loan portfolio.
“The partnership will help us serve an extensive range of customers across geographies and ticket-size,” Indel Money chief executive Umesh Mohanan said.
Srinivas Bonam, head of Inclusive Banking Group at Induslnd Bank, said: “Indel Money has a strong presence in the southern region with a plan to expand across India. The collaboration is in line with our philosophy and strategy to bring efficient and inclusive lending solution through partnership.”