Indel Money ties up with IndusInd Bank for gold loan co-lending partnershipOctober 1, 2021
Indel Money has tied up with IndusInd Bank for a gold loan co-lending partnership to offer gold loans at competitive rates.
“Under the co-lending partnership agreement, Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. The company will service customers through the entire lifecycle of the loans, including sourcing, documentation, collection and loan servicing,” it said in a statement.
IndusInd Bank will take into its book 80 per cent of the gold loans generated by the co-lending arrangement, while the remaining 20 per cent will be funded by Indel Money.
“The co-lending partnership places greater responsibility on us to excel in managing the gold loan lifecycle and underscores the trust and value that the bank has on our expertise and technology capability to meet unsolved credit needs of the underserved segments of borrowers. The partnership will help us serve an extensive range of customers across geographies and ticket-size,” said Umesh Mohanan, Executive Director and CEO, Indel Money.
The partnership will start on a pilot basis before expanding across the country.
Srinivas Bonam, Head of Inclusive Banking Group, Induslnd Bank said, “We are pleased to partner with Indel Money for extending gold loans. They have strong presence in the southern region with plans to expand across India.”