Friday, Apr 19 2024 | Time 17:21 Hrs(IST)
image
Business EconomyPosted at: Sep 17 2021 10:20PM


IIFL Home Finance signs agreement for Co-lending with Punjab National Bank

Mumbai, Sep 17 (UNI) IIFL Home Finance (IIFL HFL) on Friday announced and signed an agreement with Punjab National Bank (PNB), India’s 2nd largest Public Sector Bank, for Co-lending.
IIFL Home Finance Ltd. expects to grow their loan book by 25 pc with these associations. The loan sourcing and servicing will be managed by IIFL Home Finance and 80 pc of the loan will be provided by Punjab National Bank.
IIFL Home Finance Ltd. will service the customers through the entire loan cycle, from sourcing, documentation, collection to loan servicing. This association will let IIFL Home Finance to further penetrate into affordable Home Loan and Secured MSME Loan markets, and will also strengthen IIFL’s HFL’s portfolio.
This arrangement will also help IIFL HFL offer attractive interest rates to its customers in 17 states, with a focus on Andhra Pradesh, Madhya Pradesh, Gujarat and Karnataka.
This is the fourth agreement signed by IIFL Home Finance Ltd.
Earlier this year, IIFL home Finance Ltd. signed agreements with banks such as ICICI Bank (second-largest private sector bank in India) for sourcing and servicing of housing loans and loan against property, Co-lending with Central Bank of India (one of India’s largest commercial banks for LIG* and MIG** sector) for home loans and Standard Chartered Bank (one of the leading foreign banks in India) for extending credit to MSME loans (loan against property). IIFL HFL has disbursed loans totaling to Rs.170 Crs till date under these arrangements.
Speaking on the development, Mr. Monu Ratra, CEO & ED at Home Finance Ltd said, ''We are extremely excited and honoured about this tie up especially when its PNB’s first co-lending arrangement. This will enable us to further extend our affordable home loans to many more customers and we firmly believe in this model of synergies which shall be fit for both the parties.''
The agreement was signed in the presence of Shree Swarup Kumar Saha, ED - Punjab National Bank. This association will help both the parties to align with the Government’s reform agenda of improving the flow of credit and make funds available to the ultimate beneficiary at an affordable cost.
UNI JS SHK2220
Please log in to get detailed story.
Tags: #IIFL Home Finance signs agreement for Co-lending with Punjab National Bank
More News

Kottayam-Kochi Rubber Market rates

19 Apr 2024 | 5:02 PM

Kottayam, April 19 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Friday per quintal.

see more..
Sensex jumps 599 34 pts

Sensex jumps 599 34 pts

19 Apr 2024 | 4:56 PM

Mumbai, April 19 (UNI) Snapping a losing streak of last four sessions, the BSE Sensex on Friday bounced back 599.34 pts to close at 73088.33 on the strength of Bankex, Metal, Financial services and Consumer Durable stocks amid weak Asian Market.

see more..

Sund Home Fin expands presence in Rajasthan

19 Apr 2024 | 4:36 PM

Chennai, Apr 19 (UNI) After its recent expansion in Western India, Sundaram Home Finance (SHF)
has expanded its presence in Central India with the opening of its new office at Kota in Rajasthan.

see more..

Hyundai introduces Grameen Mahotsav

19 Apr 2024 | 2:21 PM

Chennai, Apr 19 (UNI) Passenger car maker Hyundai Motor India Ltd. (HMIL) on Friday launched Grameen Mahotsav to deepen its roots in rural India.

see more..
India International Industrial Expo in Kochi from Dec 13-15, 2024

India International Industrial Expo in Kochi from Dec 13-15, 2024

19 Apr 2024 | 12:56 PM

Kochi, Apr 19 (UNI) India International Industrial Expo (IIIE-2024), a gateway to a comprehensive industrial showcase, will be held here on December 13, 14 and 15, 2024 with the participation of more than 10,000 trade visitors and 350 leading Industrial manufacturers, IIIE CEO Siji Nair said on Friday.

see more..
image