Indel Money Limited, has launched its digital personal loan on its mobile app and e-portal. Initially available to the company’s existing customers, the online personal loan service will offer completely digitised processing and faster loan disbursement experience.
The roll-out of the digital personal loan marks Indel Money’s foray into the personal loan segment. While the company is leveraging its existing gold loan customer base to build its personal loan portfolio in the initial phase, it has plans to gradually introduce its digital personal loan to all personal loan seekers across varied income segments.
The launch of the digital personal loan is a part of Indel Money’s ongoing digital transformation drive. The company in the recent past launched online gold loan facilities in select markets.
Any existing KYC-fulfilled Indel Money gold loan customer with a decent gold loan repayment track can apply for Indel Money’s digital personal loan. The loan amount will be sanctioned on the basis of the average transaction value of the particular customer for the previous 12 months. The rate of interest is in the range of 10-20 percent, which shall vary on the basis of credit scores. The repayment tenure is in the bracket of 3-6 months. Indel Money is presently offering this digital personal loan to its existing customers including those who belong to the low monthly income group.
Indel Money has launched the digital personal loan at its more than 225 branches across Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.
Commenting on the launch, Umesh Mohanan, Executive Director and CEO, Indel Money said, “With the launch of our digital personal loan, our near-term goal is to tap the underserved demand for immediate cash among our existing customers to help them fulfill various personal commitments and exigencies. 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.”
Indel Money ventured into Odisha in January earlier this year with 25 branches. It has plans to set up presence in Goa and West Bengal, Madhya Pradesh and Rajasthan as well at a later date. It aims to take the branch tally to more than 500 across 11 states by 2023 to cater to the underserved credit demand. Indel Money aims to more than double its gold loan book to over Rs 1,400 crore by FY22-23.