Muthoot Finance indicators MoU with UAE-based Lulu International Exchange for ease of cash switch

Muthoot Finance, certainly one of India’s largest gold mortgage NBFC corporations, has signed a Memorandum of Understanding (MoU) with Lulu International Exchange, one of many cash trade and switch corporations within the UAE, to work as its assortment associate.

Muthoot Finance by means of this partnership goals to drive comfort and ease of cash switch for over 4 lakh NRIs within the UAE area whose kin have availed gold loans again house.

India is up to now the world’s largest recipient of remittances, with the share of remittances from the Gulf Cooperation Council (GCC) international locations to Kerala, Tamil Nadu and Karnataka being excessive.

This partnership will largely profit the shoppers and their kin who’ve availed gold loans by offering them with a safe and dependable approach to pay their gold mortgage installments at particular charges.

The NRIs can avail the service at any of the 89 branches of Lulu Exchange unfold throughout the UAE. The mortgage installment will probably be settled on an actual time foundation with a nominal price charged for the remit service.

Through its bodily branches and digital answer of LuLu Money, LuLu Exchange gives quick and dependable cash switch and overseas trade service powered by a sturdy community, reputed companions and excessive requirements of buyer care.

With a large community of 4,600 plus branches of Muthoot Finance in India, the beneficiaries can obtain the cash to their mortgage accounts in any of their branches. This is made doable in partnership with Muthoot Finserv, the USA enterprise of Muthoot Group, which has been one of the crucial dependable cash switch providers suppliers to India and Sri Lanka.

Speaking on the partnership, George Alexander Muthoot, Managing Director, Muthoot Finance, stated: “We are delighted to partner with Lulu Exchange to provide our customers with a seamless and secure way to repay gold loan installments. UAE holds a significant position amongst the countries worldwide in terms of the remittances received from Muthoot Finance’s overseas expatriate communities.”

“This partnership will enhance the cross-border repayment experience to be quicker and reliable. With the strategic business partnership, the NRIs can use Lulu Exchange branches to repay the gold loan installments of their relatives who have availed a gold loan from Muthoot Finance. We as a company are constantly upgrading our services to satisfy our customer’s changing needs and provide them with the best available solutions,” he added.

Speaking on the event, Richard Wason, CEO, LuLu Financial Group, stated LuLu Exchange has been on the “forefront of delivering qualitative remittance products to Indian expats living in the UAE”.

“Our partnership with Muthoot Finance extends our responsibility to the NRI community by offering them a seamless and accessible medium to send money to their loan accounts. This will be of immense benefit to Muthoot’s customers in the UAE and we plan to digitise this service very soon, which will further simplify the payment needs of our customers,” he added.

Muthoot Finance not too long ago expanded its doorstep service of gold mortgage at house throughout South India to make credit score much more accessible and simple to avail.

The firm noticed its consolidated belongings underneath administration develop 11 per cent to Rs 64,494 crores and reported a revenue of Rs 4,031 crores for the monetary 12 months 2022.