Under co-lending partnership, indel money Generate and process gold loans based on mutually worked out credit parameters and eligibility criteria. The company will serve customers through the entire life cycle of the loan including sourcing, documentation, collection and loan servicing.
IndusInd Bank will take 80% of the gold loan arising out of the co-lending arrangement in its book, while the remaining 20% will be funded by Indel Money. The NBFC will start co-lending partnership with a pilot project shortly before expanding across India.
The co-lending partnership will help both Indel Money and IndusInd Bank grow their gold loan portfolio.
“The partnership will help us serve a wide range of customers across geographies and ticket sizes,” said Umesh Mohanan, chief executive, Indel Money.
Srinivas Bonam, Head of Inclusive Banking Group at Indusland Bank, said: “Indel Money has a strong presence in the southern region with plans to expand across India. The collaboration is in line with our philosophy and strategy of bringing efficient and inclusive credit solutions through partnerships.”