Muthoot Finance partners with Lulu Exchange for gold loan repayments

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Gold lending company Muthoot Finance has partnered with Lulu Exchange to help NRIs living in the UAE make gold loan repayments on behalf of loved ones back in India.

Muthoot Finance has signed a Memorandum of Understanding (MoU) with exchanger and assignor Lulu International Exchange to act as collection agent.

The country’s largest Non-Banking Gold Lending Financial Company (NBFC) said it will bring the convenience of easy money transfer to over 4 lakh Non-Resident Indians (NRIs) living in the UAE whose relatives have benefited from gold loans in their country.

India is the largest recipient of remittances in the world and the Gulf Cooperation Council (GCC) share is highest in Kerala, Tamil Nadu and Karnataka.

Under this facility, NRIs can repay gold loans for loved ones at a special rate from any of the 89 branches of Lulu Exchange across the UAE. Plus, they can pay digitally through Lulu Money.

Beneficiaries can receive the money for repayment of the gold loan into their loan accounts for which Muthoot Finance has partnered with its US-based money transfer service Muthoot Finserv.

Settled in real time, NRIs will be charged a nominal fee for the remittance service, Muthoot Finance said in a statement on Tuesday. ”This partnership will improve the cross-border refund experience to be faster and more reliable. NRIs can use Lulu Exchange branches to repay gold loan installments from loved ones who have benefited from a gold loan from Muthoot Finance,’ said George Alexander Muthoot, Managing Director of Muthoot Finance.

Richard Wason, CEO of LuLu Financial Group, said this will be of immense benefit to Muthoot’s clients in the UAE.

Muthoot Finance had consolidated assets under management at Rs 64,494 crore in FY22.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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