Nucleus Software, lending and transaction banking solutions provider has joined hands with Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group to launch Nucleus Software’s advanced co-lending solution.
According to the official statement, the co-lending model is a great opportunity for banks and NBFCs. As stated by Nucleus Software, the Co-lending model will bring down the cost of capital for Chola significantly while enabling the partner banks for extending their new customer base, business areas and locations where Chola has a stronger presence.
Ravindra Kundu (Executive Director, Cholamandalam Investment and Finance Company Limited) said, “Our mission at Chola is to enable our customers enter a better life and we continue to innovate to deliver this. We strongly believe our co-lending partnerships with banks will help us garner market share in segments where pricing has been a constraint. Co-lending is a new direction for Chola but we are confident that this will soon evolve into a very fruitful partnership model for Banks and NBFCs. Nucleus Software has been our trusted technology partner and their domain expertise ensured that we could roll out the co-lending business quickly, despite its complexity”.
Anurag Bhatia (SVP and Global Head Core business, Nucleus Software) said, “Chola enjoys a unique position in the industry today due to its strong focus on always putting customers first and reliance on an inherent value system. We are extremely proud of our long standing relationship with Chola and I am delighted that we continue to add more value to their business with co-lending being one of the recent initiatives. Every day 150,000 users at more than 80 financial institutions use our lending solutions to deliver outstanding services to millions of customers across India and we are confident that advanced digital technology will help the financial services industry recover faster from the impact of COVID-19”.