Indel Money Limited, has launched its digital personal loan on its mobile app and e-portal. Initially available to the company’s existing customers, the online personal loan service will offer fully digitized processing and a faster loan disbursement experience.
The rollout of the digital personal loan marks Indel Money’s foray into the personal loan segment. While the company is leveraging its existing gold loan customer base to build its personal loan portfolio in the initial phase, it plans to gradually introduce its digital personal loan to all personal loan seekers in various income segments.
The launch of the digital personal loan is part of Indel Money’s ongoing digital transformation drive. The company recently launched online gold lending facilities in select markets.
Any existing KYC-fulfilled Indel Money Gold Loan customer with a decent Gold Loan repayment track can apply for the Indel Money Digital Personal Loan. The amount of the loan will be sanctioned on the basis of the average value of transactions of the particular client during the previous 12 months. The interest rate is in the range of 10-20%, which varies according to credit ratings. The repayment period is between 3 and 6 months. Indel Money is currently offering this digital personal loan to its existing customers, including those who belong to the low monthly income group.
indian money launched Digital Personal Loan in its 225+ branches across Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.
Commenting on the launch, Umesh Mohanan, Executive Director and CEO, Indel Money said, “With the launch of our digital personal loan, our near-term goal is to tap into the underserved demand for immediate cash among our existing customers to help them meet various personal commitments and requirements. By leveraging our comprehensive and easy loan approval and processing systems, our clients will be able to meet their financial needs from the comfort of their own homes. Given the growth of internet penetration beyond metropolises and the increase of our digital customer base, the success of our digital personal loan launch will motivate us to opt for a wider deployment of our personal loan product. . ”
Indel Money ventured into Odisha in January earlier this year with 25 branches. It also plans to establish a presence in Goa and West Bengal, Madhya Pradesh and Rajasthan at a later date. It aims to increase the number of branches to more than 500 in 11 states by 2023 to meet underserved credit demand. Indel Money aims to more than double its gold loan portfolio to over Rs 1,400 crore by FY22-23.
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