Muthoot Finance, one in every of India’s largest gold mortgage NBFC firms, has signed a Memorandum of Understanding (MoU) with Lulu Worldwide Change, one of many cash change and switch firms within the UAE, to work as its assortment associate.
Muthoot Finance by this partnership goals to drive comfort and ease of cash switch for over 4 lakh NRIs within the UAE area whose kin have availed gold loans again residence.
India is up to now the world’s largest recipient of remittances, with the share of remittances from the Gulf Cooperation Council (GCC) international locations to Kerala, Tamil Nadu and Karnataka being excessive.
This partnership will largely profit the purchasers and their kin who’ve availed gold loans by offering them with a safe and dependable approach to pay their gold mortgage installments at particular charges.
The NRIs can avail the service at any of the 89 branches of Lulu Change unfold throughout the UAE. The mortgage installment will likely be settled on an actual time foundation with a nominal price charged for the remit service.
By its bodily branches and digital answer of LuLu Cash, LuLu Change presents quick and dependable cash switch and international change service powered by a sturdy 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 probably the most dependable cash switch providers suppliers to India and Sri Lanka.
Talking on the partnership, George Alexander Muthoot, Managing Director, Muthoot Finance, mentioned: “We’re delighted to associate with Lulu Change to offer our prospects with a seamless and safe approach to repay gold mortgage installments. UAE holds a big place amongst the international locations worldwide when it comes to the remittances obtained from Muthoot Finance’s abroad expatriate communities.”
“This partnership will improve the cross-border reimbursement expertise to be faster and dependable. With the strategic enterprise partnership, the NRIs can use Lulu Change branches to repay the gold mortgage installments of their kin who’ve availed a gold mortgage from Muthoot Finance. We as an organization are always upgrading our providers to fulfill our buyer’s altering wants and supply them with one of the best obtainable options,” he added.
Talking on the event, Richard Wason, CEO, LuLu Monetary Group, mentioned LuLu Change has been on the “forefront of delivering qualitative remittance merchandise to Indian expats residing within the UAE”.
“Our partnership with Muthoot Finance extends our accountability to the NRI group by providing them a seamless and accessible medium to ship cash to their mortgage accounts. This will likely 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 residence throughout South India to make credit score much more accessible and simple 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.
