Under this agreement, IndusInd Bank on behalf of Indel Money will offer Gold Loan to its customers at competitive rates.
Mumbai. Private sector bank IndusInd Bank has entered into a co-lending agreement with Kochi-based company Indel Money for the gold loan sector. The company said in a statement on Wednesday that this is the first such co-lending agreement between a non-banking finance company (NBFC) focused on gold loans and a commercial bank.
Indel Money Company actually provides long term loans on the basis of yellow metal i.e. gold. Indel Money Chief Executive Umesh Mohanan said on Wednesday that under this agreement, IndusInd Bank on behalf of Indel Money will offer gold at competitive rates to its customers.
Mohanan told PTI-language that 80 percent of the gold loan will be registered in the account of IndusInd Bank under the co-lending partnership. While the remaining 20 per cent will be funded by Indel Money. He, however, did not specify how much the company expects to increase the assets under management from the deal.
Srinivas Bonam, Head of Inclusive Banking, IndusInd Bank said that this collaboration is in line with the bank’s strategy to bring efficient and inclusive lending solutions.
