Muthoot Finance has signed a MoU with UAE-based Lulu International Exchange to work as its collection partner.
Through this partnership, Muthoot Finance aims to drive convenience and ease of money transfer for over 4 lakh NRIs in UAE whose relatives have availed gold loans back home.
India is by far the world’s largest recipient of remittances, with the share of remittances from GCC countries to Kerala, Tamil Nadu, and Karnataka historically being high.
Benefits of the partnership
The partnership will largely benefit customers and their relatives who have availed gold loans by providing them with a way to pay their gold loan installments at special rates. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE.
The loan instalment will be settled on a real time basis with a nominal fee charged for the remit service. Through its physical branches and digital solution of LuLu Money, LuLu Exchange offers fast and reliable money transfer and foreign exchange service powered by a robust network, reputed partners, and high standards of customer care.
Furthermore, with a wide network of 4600 plus branches of Muthoot Finance in India, the beneficiaries can receive the money to their loan accounts in any of their branches.
George Alexander Muthoot, Managing Director, Muthoot Finance said, “UAE holds a significant position amongst the countries worldwide in terms of the remittances received from Muthoot Finance’s overseas expatriate communities. This partnership will enhance the cross-border repayment experience to be quicker and reliable. With the strategic business partnership, NRIs can use Lulu Exchange branches to repay the gold loan instalments of their relatives who have availed a gold loan from Muthoot Finance.”
Muthoot Finance recently expanded its doorstep service of gold loan@home across South India to make credit even more accessible and easy to avail.