India Put up Funds Financial institution (IPPB) has joined fingers with LIC Housing Finance for promoting housing finance merchandise of the latter to its 4.5 crore clients, an announcement stated on Tuesday.
By its strong and in depth community of 650 branches and greater than 136,000 banking entry factors, IPPB will make LIC Housing Finance Ltd’s (LICHFL) residence mortgage merchandise accessible to its clients pan-India, the assertion stated.
Below the strategic partnership, credit score underwriting, processing, and disbursement for all residence loans will likely be dealt with by LICHFL, whereas IPPB will supply the loans.
The alliance with LICHFL is a part of IPPB’s technique to broaden its vary of services, and to cater to the banking and monetary wants of numerous clients, particularly unbanked and underserved, throughout the nation.
IPPB already distributes common and life insurance coverage merchandise via partnerships with insurance coverage corporations. Credit score merchandise are pure extension for the shoppers on the final mile, the assertion stated.
IPPB has an on-ground workforce of practically 200,000 postal workers (postmen and Gramin Dak Sevaks) geared up with micro ATMs and biometric units for doorstep banking. It will play a big position in providing LICHFL’s housing loans.
“Quick access to credit score for purchasing a home is a crucial prerequisite in direction of reaching inclusive progress. The partnership with LICHFL is a big tie-up in IPPB’s journey to develop into one of many largest platforms for availing credit score merchandise by our clients for assembly numerous wants,” J Venkatramu, MD & CEO, India Put up Funds Financial institution stated.
LIC Housing Finance MD & CEO Y Viswanatha Gowd stated the strategic MoU with IPPB will assist the corporate to additional deepen the market penetration.
“It’s going to allow us to extend LICHFL’s residence mortgage product outreach in untapped geographies throughout the nation. With an unmatchable presence of publish places of work, we see this strategic partnership as a big step that can assist our long-term enterprise progress and enhance our market share,” he stated.
LIC Housing Finance provides residence loans ranging from 6.66 per cent for loans as much as Rs 50 lakh for salaried people.
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