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IndusInd Bank, Indel Money forge Gold Loan Partnership

Umesh Mohanan, Executive Director and CEO, Indel Money

Indel Money, a gold-loan focussed NBFC, has entered into a conventional gold loan co-lending partnership with IndusInd Bank, to offer gold loans at competitive rates.

Under the tie-up, 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 gold loan 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 with a pilot project before expanding it pan India.

Umesh Mohanan, Executive Director and CEO, Indel Money, said, “The co-lending partnership places greater responsibility on us to excel in managing the gold loan lifecycle and underscores the value that the bank has on our expertise and technology capability to serve an extensive range of customers across geographies and ticket-size.”

Srinivas Bonam, Head of Inclusive Banking Group, Induslnd Bank, said, “Indel Money has a strong presence in the southern region with plans to expand across India.”

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