Muthoot Finance, one in all India’s largest gold mortgage NBFC firms, has signed a Memorandum of Understanding (MoU) with Lulu Worldwide Alternate, one of many cash alternate and switch firms within the UAE, to work as its assortment associate.
Muthoot Finance via this partnership goals to drive comfort and ease of cash switch for over 4 lakh NRIs within the UAE area whose family have availed gold loans again house.
India is thus far the world’s largest recipient of remittances, with the share of remittances from the Gulf Cooperation Council (GCC) nations to Kerala, Tamil Nadu and Karnataka being excessive.
This partnership will largely profit the shoppers and their family who’ve availed gold loans by offering them with a safe and dependable technique to pay their gold mortgage installments at particular charges.
The NRIs can avail the service at any of the 89 branches of Lulu Alternate unfold throughout the UAE. The mortgage installment will probably be settled on an actual time foundation with a nominal payment charged for the remit service.
By its bodily branches and digital answer of LuLu Cash, LuLu Alternate gives quick and dependable cash switch and overseas alternate service powered by a strong community, reputed companions and excessive requirements of buyer care.
With a large community of 4,600 plus branches of Muthoot Finance in India, the beneficiaries can obtain the cash to their mortgage accounts in any of their branches. That is made doable in partnership with Muthoot Finserv, the USA enterprise of Muthoot Group, which has been one of the dependable cash switch companies suppliers to India and Sri Lanka.
Talking on the partnership, George Alexander Muthoot, Managing Director, Muthoot Finance, stated: “We’re delighted to associate with Lulu Alternate to offer our prospects with a seamless and safe technique to repay gold mortgage installments. UAE holds a major place amongst the nations worldwide by way of the remittances obtained from Muthoot Finance’s abroad expatriate communities.”
“This partnership will improve the cross-border compensation expertise to be faster and dependable. With the strategic enterprise partnership, the NRIs can use Lulu Alternate branches to repay the gold mortgage installments of their family who’ve availed a gold mortgage from Muthoot Finance. We as an organization are always upgrading our companies to fulfill our buyer’s altering wants and supply them with the perfect out there options,” he added.
Talking on the event, Richard Wason, CEO, LuLu Monetary Group, stated LuLu Alternate has been on the “forefront of delivering qualitative remittance merchandise to Indian expats residing within the UAE”.
“Our partnership with Muthoot Finance extends our duty to the NRI neighborhood by providing them a seamless and accessible medium to ship cash to their mortgage accounts. This will probably be of immense profit to Muthoot’s prospects within the UAE and we plan to digitise this service very quickly, which can additional simplify the cost wants of our prospects,” he added.
Muthoot Finance just lately expanded its doorstep service of gold mortgage at house throughout South India to make credit score much more accessible and straightforward to avail.
The corporate noticed its consolidated property underneath administration develop 11 per cent to Rs 64,494 crores and reported a revenue of Rs 4,031 crores for the monetary 12 months 2022.