ATTENTION NRIs! Paying gold loan EMIs for your relatives back home gets easier

Muthoot Finance said in a statement that it aims to drive convenience and ease of money transfer for over 4 lakh UAE NRIs whose relatives have availed of gold loans back home.

In good news for Non-Resident Indians (NRIs), paying EMIs of the gold loan taken by their relatives back home has become easier. To ease gold loan EMI payments, Muthoot Finance has signed a Memorandum of Understanding with UAE-based Lulu International Exchange to work as its collection partner. Lulu International Exchange is one of the leading money exchange and transfer companies in the UAE. 

Through this partnership, over 4 lakh customers of Muthoot Group based out of the UAE and their relatives can now remit money instantly to the loan accounts through the 89 branches of Lulu International Exchange. Muthoot Finance said in a statement that it aims to drive convenience and ease of money transfer for over 4 lakh UAE NRIs whose relatives have availed of gold loans back home.

It may be noted that India is by far the world’s largest recipient of remittances, with the share of remittances to Kerala, Tamil Nadu, and Karnataka historically being high.

"NRIs can avail of the service at any of the 89 branches of Lulu Exchange spread across the UAE. The loan instalment will be settled on a real-time basis with a nominal fee charged for the remit service. Through its physical branches and digital solution of LuLu Money, LuLu Exchange offers fast money transfer and foreign exchange service," said the company.

It said that the beneficiaries can receive the money to their loan accounts in any of the 4600 branches of Muthoot Finance in India. "This is made possible in partnership with Muthoot Finserv, the USA venture of Muthoot Group," it said.

George Alexander Muthoot, Managing Director, Muthoot Finance said that this partnership will enhance the cross-border repayment experience to be quicker and more reliable. 

Richard Wason, CEO of LuLu Financial Group, said that the group plans to digitise this service very soon, which will further simplify the payment needs of customers.