MAG Finserv and Central Bank of India partners for Co-Lending of Gold Loans

Mag Finserv's gold loan portfolio will be able to serve a larger variety of consumers thanks to this exciting new cooperation


New Delhi : Growing non-bank financial institution (NBFC) “MAG Finserv Company Limited” has formed its first strategic co-lending arrangement with “Central Bank of India” (Bank) to provide gold loans to borrowers in India’s priority sector at attractive interest rates. Mag Finserv‘s gold loan portfolio will be able to serve a larger variety of consumers thanks to this exciting new cooperation.

The company hopes to advance three main aims through this collaboration: (a) providing low-interest loans; (b) aiding underserved populations in rural areas; and (c) expanding MAG Finserv Company Limited.

Managing Director and Chairman of MAG Finserv Company Limited Ananta Mohotkar said, “It is a tremendous joy to sign the co-lending agreement with the Central Bank of India; it will result in a higher development of our portfolio with a strong credit and origination engine.” The Central Bank of India is one of India’s most prestigious Public Sector Banks, and we’re honoured to work with them. By working together with the Reserve Bank of India, we can increase market liquidity and extend loans to borrowers at affordable rates. Our capacity to satisfy the unmet credit needs of underserved segments of borrowers is bolstered by the bank’s confidence in our knowledge and experience, and the relationship will allow us to serve a wider variety of consumers in more places. Our goal is to expand throughout India, and this is the first step in a strategy that relies heavily on partnerships to get us there.

This co-lending arrangement will combine the bank’s low cost of funds and credit assessment expertise with the company’s rule engine-based loan origination for the sourcing, servicing, and recovery of loans, all in accordance with the Reserve Bank of India’s circular on co-lending by banks and NBFCs to the priority sector to improve the flow of credit to the borrowers.

During the course of its more than 15 years in business, MAG Finserv has helped over 100,000 clients resolve their financial difficulties with the support of its diverse lending portfolio. The organisation appears to place a premium on its relationships with customers, treating them with the respect and care that they deserve. Culture and core values are important to MAG Finserv because they inform the way the company does business and interacts with its stakeholders (clients, partners, employees, and the public at large).

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