Edelweiss Housing Finance Limited (EHFL) and ECL Finance Limited (ECLF), on Monday has announced a strategic co-lending agreement for Priority Sector Lending with Indian Bank, one of the largest public sector banks in the country. The lenders recently signed a MoU under RBI’s CLM, significantly expanding the portfolio of lending products available to the target customers, increasing their access to credit.
The alliance aims to leverage the combined strengths of the partners to make a winning proposition for all stakeholders including customers. Indian Bank brings capital flows at low costs, which when combined with Edelweiss’ expertise on customer acquisition, credit assessment, servicing and robust technology, will help meet the expanding credit needs of customers.
This will expand the reach to underserved markets, enabling Priority Sector borrowers to get credit at lower costs, given the blended rate of interest. As the country gradually moves out of the pandemic, the credit offered through this partnership will provide customers with access to cost effective capital, aiding their economic revival and growth.
Speaking on the development, Deepak Mittal, Head, Edelweiss Credit Cluster said, “We are happy to partner with a reputed institution like Indian Bank to provide easier access to credit to customers from the priority sector. We believe that revival is possible only by making credit available to this vital contributor of the Indian economy. As we step up lending, delivering a digitally enhanced experience to customers, this co-lending partnership ties into our strategy of being asset light and building a high-quality lending book along with our partner Bank”
With this alliance, Edelweiss and Indian Bank, aim to create a conducive lending environment and democratise access to credit, channelizing much needed liquidity to those who need it the most.
Edelweiss Financial Services ended at Rs73.80 apiece up by Rs0.25 or 0.34% on the BSE.
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( With inputs from indiainfoline)