The company said that initially this facility will be available to its existing gold loan customers. Later it will be expanded into a wider section.
Which NBFC is using a digital platform to launch? personal loan Facility. It recently launched online gold loan facility in some markets.
Any existing KYC-complete indel money A gold loan customer with a good gold loan repayment track can apply for a digital personal loan from Indel Money. The loan amount will be sanctioned based on the average transaction value of the customer for the last 12 months. The interest rate is in the range of 10-20% depending on the credit score of the customer and the repayment period is 3-6 months.
Indel Money offers personal loan facility in over 225 branches across Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.
Umesh Mohanan, Chief Executive, told ET, “With the launch of Digital Personal Loan, our near term target is to meet the low demand for instant cash among our existing customers.
The Kerala-based lender aims to take its branch count to over 500 across 11 states by 2023. It is targeting to more than double its gold loan book to over Rs 1,400 crore this financial year.