Good news for diaspora Indians. It is now easier for relatives of NRIs to pay EMIs of gold loans taken in the country. muthoot Finance has tied up with UAE-based Lulu international Exchange to act as its collection partner to facilitate gold loan EMI payments. This company is one of the leading money exchange and transfer companies in UAE.
This deal will benefit around 4 lakh customers of muthoot Group. These customers can instantly pay money into loan accounts through 89 branches of Lulu international Exchange. muthoot revealed that this will make it easier to facilitate the payment process.
This decision has been taken for the convenience of customers as the share of remittances to Kerala, tamil Nadu and karnataka is high in the country. Lulu Exchange has branches across the UAE. Real-time payments have been made possible through these branches. Money can be sent directly to any loan account at any of muthoot Finance's 4600 branches in India. This was made possible in partnership with muthoot Finserv, a muthoot Group USA venture.
George Alexander muthoot, Managing Director, muthoot Finance, said the partnership will improve the cross-border repayment experience to be faster and more reliable. Lulu Financial Group CEO richard Wasson revealed that the group plans to digitize the service very soon.
