Author: Don Obrien

Central Bank of India enters co-lending partnership with lIFL Home Finance

Central Bank of India on Tuesday announced that has entered into a strategic co-lending partnership with IIFL Home Finance. 

In its regulatory filing it said, Central Bank of India has entered into a strategic Co-lending Partnership with lIFL Home Finance Ltd to offer SME LAP Loan product under priority sector to MSME borrowers subject to the compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBl).

The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and llFL Home Finance Ltd, it said. 

IIFL Home Finance Ltd is a RBl regulated non-banking finance company with pan India presence and has a track record of customer acquisition, it also said

Under this arrangement, lIFL Home Finance Ltd. will originate and process loans as per jointly formulated credit parameters & eligibility criteria and Central Bank of India will take into its book 80% of the SME LAP Loans under mutually agreed terms. IIFL Home Finance will service the loan account throughout the cycle of the loan. This Co Lending arrangement is expected to help both the entities to offer convenient experience to their customers as well as help expand their business across India, it said

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