IIFL Home Finance Inks Co-Lending Pact with PNB
IIFL Home Finance Ltd has entered into a co-lending arrangement with Punjab National Bank (PNB), and aims to grow its loan book by 25 per cent from such partnerships. This is the fourth co-lending agreement signed by the company with banks. The loan sourcing and servicing will be managed by IIFL Home Finance and 80 per cent of the loan will be provided by PNB. IIFL HFL said it expects to grow the loan book by 25 per cent with these associations. The company will service customers through the entire loan cycle, from sourcing, documentation, collection to loan servicing. It aims to penetrate into affordable housing loans and secured MSME loans, besides strengthening its portfolio. This arrangement will also help IIFL HFL offer attractive interest rates to its customers in 17 states, with a focus on Andhra Pradesh, Madhya Pradesh, Gujarat and Karnataka. Monu Ratra, CEO & ED at IIFL HFL said it is PNB's first co-lending arrangement."This will enable us to further extend our affordable home loans to many more customers and we firmly believe in this model of synergies which shall be fit for both the parties.”. IIFL HFL has facilitated credit linked subsidy benefits under Pradhan Mantri Awas Yojana to over 44,700 beneficiary households in 17 states, with subsidy amount totalling Rs 1,068 crore. The company has disbursed home loans to over 1,82,000 customers till date and has an AUM of Rs 20,614 crore as on June 30, 2021.
Tags : News/Views PNB Co-Lending Pact IIFL Home Finance Inks