Muthoot Finance signed a memorandum of understanding with Lulu International Exchange, based in the United Arab Emirates, to work as a collection partner.
Through this partnership, Muthoot Finance aims to facilitate and facilitate the transfer of money for more than 4 lakh NRIs in the UAE whose relatives have benefited from gold loans in their country.
India is by far the largest recipient of remittances in the world, with the share of remittances from GCC countries to Kerala, Tamil Nadu and Karnataka being historically high.
Benefits of partnership
The partnership will greatly benefit clients and their loved ones who have benefited from gold loans by offering them a way to pay their loan installments in gold at special rates. NRIs can avail the service at any of the 89 Lulu Exchange branches spread across the UAE.
The loan disbursement will be settled in real time with a nominal fee charged for the remittance service. Through its physical branches and digital solution of LuLu Money, LuLu Exchange offers a fast and reliable money transfer and foreign exchange service, powered by a robust network, reputable partners and high standards of customer service.
Moreover, with a wide network of over 4600 branches of Muthoot Finance in India, the beneficiaries can receive the money into their loan accounts at any of their branches.
George Alexander Muthoot, Managing Director of Muthoot Finance, said, “The UAE ranks high among countries in the world in terms of remittances received from Muthoot Finance’s expatriate communities abroad. This partnership will improve the cross-border refund experience to be faster and more reliable. Through the strategic business partnership, NRIs can use Lulu Exchange branches to repay gold loan installments of loved ones who have benefited from a gold loan from Muthoot Finance.
Muthoot Finance has recently extended its gold@home loan service across South India to make credit even more accessible and easy to use.
September 27, 2022