Muthoot Finance which is the country’s largest gold loan financer has recently signed an MOU with UAE-based Lulu International Money Exchange (one of the money exchange and money transfer companies in UAE). Lulu Group branches will act as money collectors for Muthoot Finance customers in UAE.
Muthoot has almost 4-Lakh customers based out in UAE, who themselves or through their relatives back home in India have taken gold loans from Muthoot Finance. This partnership will help to improve convenience and also money will be transferred at an ease. This partnership will also help the customers to pay back their loans in a more secure way.
For Example, if Mr. X who is a retired senior citizen staying in Kerala, has availed of a loan from Muthoot Finance. Mr. X being retired cannot afford to pay back the EMI installments to Muthoot Finance. Mr. X’s Son, who stays and is a working person in UAE, can now pay back his father’s installment through Lulu group branches by incurring a certain fee.
The money will be remitted back to our country by charging a certain fee. The loan installment will be settled on a real-time basis. The NRI’s can avail of this service at any of 89 Lulu branches which are spread across the UAE. On the other hand, the money can be transferred to any of the 4,600 plus branches of Muthoot Finance. This partnership has been possible because of Muthoot Finserv, a USA venture of Muthoot Finance Group. Muthoot Finserv is one of the most reliable money transfer service providers in India and Sri Lanka.
Speaking on this Muthoot-Lulu Partnership, Mr. George Alexander Muthoot, Managing Director, Muthoot Finance said “We are delighted to partner with Lulu Exchange to provide our customers with a seamless and secure way to repay gold loan installments. UAE holds a significant position amongst the countries worldwide in terms of the remittances received from Muthoot Finance’s overseas expatriate communities. This partnership will enhance the cross-border repayment experience to be quicker and more reliable. With the strategic business partnership, NRIs can use Lulu Exchange branches to repay the gold loan installments of their relatives who have availed of a gold loan from Muthoot Finance. We as a company are constantly upgrading our services to satisfy our customer’s changing needs and provide them with the best available solutions”
Speaking on the development, Mr. Richard Wason, CEO, of LuLu Financial Group, said, “LuLu Exchange has been at the forefront of delivering qualitative remittance products to Indian people living in the UAE. Our partnership with Muthoot Finance extends our responsibility to the NRI community by offering them a seamless and accessible medium to send money to their loan accounts. This will be of immense benefit to Muthoot’s customers in the UAE, and we plan to digitize this service very soon, which will further simplify the payment needs of our customers.”