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Indel Money launches digital personal loan on app

August 18, 2022

Indel Money launches digital personal loan on app
Indel Money Limited, has launched its digital personal loan on its mobile app and e-portal. Initially available to the company’s existing customers, the online personal loan service will offer completely digitised processing and faster loan disbursement experience.

The roll-out of the digital personal loan marks Indel Money’s foray into the personal loan segment. While the company is leveraging its existing gold loan customer base to build its personal loan portfolio in the initial phase, it has plans to gradually introduce its digital personal loan to all personal loan seekers across varied income segments.

The launch of the digital personal loan is a part of Indel Money’s ongoing digital transformation drive. The company in the recent past launched online gold loan facilities in select markets.

Any existing KYC-fulfilled Indel Money gold loan customer with a decent gold loan repayment track can apply for Indel Money’s digital personal loan. The loan amount will be sanctioned on the basis of the average transaction value of the particular customer for the previous 12 months. The rate of interest is in the range of 10-20 percent, which shall vary on the basis of credit scores. The repayment tenure is in the bracket of 3-6 months. Indel Money is presently offering this digital personal loan to its existing customers including those who belong to the low monthly income group.

Indel Money has launched the digital personal loan at its more than 225 branches across Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Odisha.

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