Muthoot Finance has entered into memorandum of understanding (MoU) with Lulu Exchange to facilitate NRIs living in UAE to make gold loan repayments on behalf of their relatives back in India. The company will bring the convenience of easy money transfer to over 4 lakh non-resident Indians (NRIs) living in the UAE whose relatives have availed gold loans back home.
Under this facility, NRIs can make repayment of gold loans for their next of kin at a special rate from any of the 89 branches of Lulu Exchange across UAE. Besides, they can pay digitally through Lulu Money. The beneficiaries can receive the money intended for gold loan repayment in their loan accounts for which Muthoot Finance has partnered with its US-based money transfer service Muthoot Finserv.
Muthoot Finance is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking etc.
