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Muthoot Finance, one of the largest gold lending NBFC companies in India, has signed a memorandum of understanding (MoU) with Lulu International Exchange, one of the UAE-based currency exchange and transfer companies, as its collection partner.
Through this partnership, Muthoot Finance aims to facilitate and facilitate the transfer of funds to the more than 400,000 NRIs in the UAE region, whose relatives have obtained gold loans in the country.
India is by far the world’s largest recipient of remittances, with Gulf Cooperation Council (GCC) countries sending a high percentage of remittances to Kerala, Tamil Nadu and Karnataka.
This partnership will benefit gold loan customers and their relatives to a large extent by providing them with a safe and secure way to pay their gold loan instalments at a special rate.
NRI can use the service at any of Lulu Exchange’s 89 branches throughout the UAE. Loan installments will be settled in real-time and a nominal remittance service fee will be charged.
Through LuLu Money’s physical branches and digital solutions, LuLu Exchange provides fast and reliable money transfer and foreign exchange services, backed by a strong network, renowned partners and high standards of customer service.
With an extensive network of more than 4,600 Muthoot Finance branches in India, beneficiaries can deposit funds into loan accounts at any of their branches. This was achieved in partnership with Muthoot Finserv, a US joint venture of the Muthoot Group, which has been one of the most reliable money transfer service providers in India and Sri Lanka.
George Alexander Muthoot, Managing Director of Muthoot Finance, said of the partnership: “We are delighted to be working with Lulu Exchange to provide our clients with a seamless and secure way to repay gold loan instalments. Just from Muthoot Finance In terms of remittances received by the diaspora community of
“This partnership will enhance the cross-border repayment experience, making it faster and more reliable. Through the strategic business partnership, NRI can use Lulu Exchange branches to repay gold loan instalments to relatives who have received gold loans from Muthoot Finance. As a company, we are constantly upgrading our services to meet the changing needs of our customers and provide them with the best solutions,” he added.
Richard Wason, CEO of LuLu Financial Group, said of the development that LuLu Exchange has been “at the forefront of providing quality remittance products to the Indian diaspora living in the UAE”.
“Our partnership with Muthoot Finance extends our responsibility to the NRI community by providing them with a seamless and accessible medium to wire funds into their loan accounts. This will be of great benefit to Muthoot’s clients in the UAE and we plan to Digitizing this service soon will further simplify our customers’ payment needs,” he added.
Muthoot Finance recently expanded its gold loan door-to-door service within the country in southern India to make credit more accessible and accessible.
The company’s consolidated assets under management rose 11% to Rs 64,494 crore and reported a profit of Rs 4,031 crore in fiscal 2022.
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