Indel Money Limited, the gold loan NBFC, has launched on its mobile app and e-portal a digital personal loan. Initially offered for its existing customers, the service will be completely digitised with faster loan disbursement experience.
The roll-out of the digital personal loan marks its foray into the personal loan segment. In the initial phase, it plans to leverage the existing customer base and would gradually open this space for others across varied income segments.
This exercise is part of Indel Money’s ongoing digital transformation drive. The company, in the recent past, had launched online gold loan facility in select markets.
Any existing KYC-fulfilled Indel Money gold loan customer with a decent repayment track can apply for digital personal loan. The loan would be sanctioned based on the average transaction value in the previous 12 months. The rate of interest will be 10-20 per cent based on the individual credit score. The repayment tenure is in the bracket of 3-6 months.
The NBFC has launched this product across 225 branches based in Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.
Umesh Mohanan, Executive Director and CEO, Indel Money said, “With the launch of our digital personal loan, our near-term goal is to tap the underserved demand for immediate cash among our existing customers to help fulfil their commitments and exigencies. Banking on the comprehensive, easy approval and loan processing system, customers can meet their financial requirements in the comfort of their home. Based on the internet penetration beyond metros and the rise in digital customer base, the success of our digital personal loan launch will motivate us to go for a more broad-based roll-out of this product.”
Expanding to new geographies
Indel Money ventured into Odisha in January this year with 25 branches and has plans to set up its offices in Goa, West Bengal, Madhya Pradesh and Rajasthan at a later date. It aims branch tally to over 500 across 11 states catering to the underserved credit demand and gold loan book to over ₹1,400 crore by FY23.