Indel Money Ltd, a gold loan non-banking finance company (NBFC), is targeting approximately Rs 15 crore monthly disbursement for the next six months through its newly launched digital personal loan product on its mobile application and e-portal, Umesh Mohanan, Executive Director and Chief Executive Officer of the company, told IANS on Tuesday.
“Indel Money is targeting approximately Rs 15 crore monthly for the next six months,” Mohanan said.
The newly-launched digital personal loan is initially available to the company’s existing customers. The online personal loan service will offer completely digitised processing and faster loan disbursement experience. The launch of the digital personal loan is part of the company’s ongoing digital transformation drive.
The digital personal loan product has been launched by the company in more than 225 branches across Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.
“Banking on our comprehensive and easy approval and loan processing systems, our customers will be able to meet their financial requirements in the comfort of their home. On the back of the growth in the internet penetration beyond metro cities and the increase in our digital customer base, the success of our digital personal loan launch will motivate us to go for a more broad-based roll-out of our personal loan product,” Mohanan said.
Indel Money is a non-deposit taking and a systemically important non-banking finance company in the gold loan sector, lending money against the pledge of household gold jewellery.
Indel Money also provides loans against property, business loans and personal loans. Indel’s Gold Loan portfolio stands around 1000 cr+ which is 87.99 per cent of their total loans and advances.