Indel Money enters the personal loan industry

17 Aug 2022 , 09:08 AM

A non-banking financing company called Indel Money that specializes in gold loans has joined the personal loan market.

According to the corporation, the feature will initially only be accessible to its current gold loan customers. Later, it will be made available to a larger segment.

The personal loan facility is being introduced by the NBFC through a digital platform. In other markets, it has just lately introduced an online gold borrowing option.

Any current Indel Money gold loan customer who has completed their KYC and has a good history of repaying their gold loans is eligible to apply for the company’s digital personal loan. Based on the customer’s average transaction value over the last 12 months, the loan amount will be approved.

Based on the customer’s credit score, the interest rate ranges from 10 to 20%, with a repayment period of 3 to 6 months.

More than 225 branches of Indel Money throughout Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Odisha provide access to personal loans.

“With the introduction of our digital personal loan, our near-term goal is to harness the underserved need for urgent liquidity among our existing customers,” chief executive Umesh Mohanan told ET.

By 2023, the Kerala-based lender hopes to have more than 500 branches across 11 states. Additionally, it plans to more than treble its gold loan book this fiscal year to around Rs1,400 crore.