Muthoot Finance, one of India’s largest gold loan NBFC companies, has signed a Memorandum of Understanding (MoU) with Lulu International Exchange, one of the money exchange and transfer companies in the UAE, to work as its collection partner.
Muthoot Finance through this partnership aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home.
India is so far the world’s largest recipient of remittances, with the share of remittances from the Gulf Cooperation Council (GCC) countries to Kerala, Tamil Nadu and Karnataka being high.
This partnership will largely benefit the customers and their relatives who have availed gold loans by providing them with a secure and reliable way to pay their gold loan installments at special rates.
The NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. The loan installment will be settled on a real time basis with a nominal fee charged for the remit service.
Through its physical branches and digital solution of LuLu Money, LuLu Exchange offers fast and reliable money transfer and foreign exchange service powered by a robust network, reputed partners and high standards of customer care.
With a wide network of 4,600 plus branches of Muthoot Finance in India, the beneficiaries can receive the money to their loan accounts in any of their branches. This is made possible in partnership with Muthoot Finserv, the USA…
