Muthoot Finance has introduced a new facility for its customers. NRIs can pay installments in UAE for jewelery loan purchased in India. For this, Muthoot Finance has signed an MoU with UAE-based Lulu International Exchange. Through this partnership, Muthoot Finance aims to provide convenience and ease of remittance to over 4 lakh NRIs in the UAE.
India is the world’s largest recipient of remittances, with significant remittances from the UAE to Kerala, Tamil Nadu and Karnataka.
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Advantages of partnership
Gold loan customers and their relatives will be able to avail gold loan installments at special rates. NRIs can avail the service at any of Lulu Exchange’s 89 branches in the UAE.
Loan installments are paid on real-time basis. Lulu Money will send money digitally to the branches of Muthoot Finance in India that gave the loan. With this new solution, quick and reliable money transfer will take place and there will be no delay in loan installments.
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Also, with Muthoot Finance’s vast network of over 4600 branches in India, users can access their loan accounts at any of their branches.
In terms of remittances received from overseas Indian diaspora, UAE occupies a significant position among the global countries. This partnership will improve the cross-border reimbursement experience faster and more reliably. Through the strategic business partnership, NRIs can use Lulu Exchange branches to repay the installments of their relatives who have taken jewelery loans from Muthoot Finance.
It is also worth noting that Muthoot Finance has recently introduced home delivery of jewelery loans across South India. .
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