“IIFL HFL announced and signed today an agreement with PNB, India’s second largest public sector bank, for the co-loan. It said.
The IIFL HFL said it expects to increase the loan portfolio by 25 percent with these associations.
The company will serve clients throughout the loan cycle, from procurement and documentation, collection and loan servicing.
It aims to break into affordable housing loans and secured loans to MSMEs, in addition to strengthening its portfolio.
The deal will also help IIFL HFL offer attractive interest rates to clients in 17 states, with a focus on Andhra Pradesh, Madhya Pradesh, Gujarat and Karnataka.
It has already signed co-loan agreements with ICICI Bank, Central Bank of India and Standard Chartered Bank.
The IIFL HFL has disbursed loans worth Rs 170 crore so far under these agreements, he said.
Monu Ratra, CEO and Managing Director of IIFR HFL, said it was PNB’s first co-loan deal.
“This will allow us to further expand our affordable home loans to many more clients and we strongly believe in this model of synergies that will work for both parties,” said Ratra.
The IIFL HFL has facilitated loan-related grant delivery under Pradhan Mantri Awas Yojana to more than 44,700 beneficiary households in 17 states, with a grant amount totaling Rs 1,068 crore.
The company has disbursed home loans to over 1,820,000 clients to date and has assets under management of Rs 20,614 crore as of June 30, 2021.