IIFL Home Finance signs pact with PNB for co-lending
- ByStartupStory | September 18, 2021
IIFL Home Finance signed a pact with Punjab National Bank, the country’s second largest public sector bank, for co-lending. IIFL Home Finance expects to grow their loan books by 25 per cent with this association. 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 Home Finance will service customers through the entire loan cycle — from sourcing, documentation and collection to loan servicing.
IIFL Finance Limited is one of the leading players in the financial services space in India. Together with its subsidiaries- IIFL Home Finance Limited and Samasta Microfinance Limited, it provides a diverse range of loans and mortgages. These include home loans, gold loans, business loans including loans against property and medium and small enterprise financing, micro finance, developer and construction finance and capital market finance; catering to both retail and corporate clients. The company has 2,563 branches across 500+ cities.
This is the fourth agreement signed by IIFL Home Finance with banks. Earlier this year, it signed agreements with ICICI Bank, Central Bank of India and Standard Chartered Bank. IIFL Home Finance has disbursed loans totalling Rs 170 crore under these arrangements so far.
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