New Delhi: “MAG Finserv Company Limited,” a growing NBFC and “Central Bank of India” (Bank), has entered into the first of its strategic co-lending partnerships to offer gold loans under the priority sector to borrowers at competitive rates. This exciting new partnership will allow Mag Finserv to extend its gold loan portfolio to a wider range of customers, providing greater access to credit across the country.
The company’s objective with this partnership is to achieve three key goals: offering low-interest rates, providing financial assistance to rural demographics, and, above all, fostering the growth and development of MAG Finserv Company Limited.
Ananta Mohotkar, Managing Director and Chairman of MAG Finserv Company Limited, said, “It’s a great pleasure to sign the co-lending agreement with the Central Bank of India; it will result in a greater expansion of our portfolio with a strong credit and origination engine.” We are proud to partner with the Central Bank of India, one of India’s most respected Public Sector Banks. This partnership with the Central Bank of India will go a long way in providing much-needed credit to borrowers at a reasonable interest rate and increasing market liquidity.
“The partnership will help us serve an extensive range of customers across geographies, place greater responsibility on us to excel in managing the gold loan lifecycle, and underscore the trust and value that the bank has in our expertise and capability to meet the unsolved credit needs of the underserved segments of borrowers. This is a start of a partner-led growth strategy as we are always on the lookout to grow our footprint across India.”
In line 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, this co-lending arrangement will leverage the bank’s low cost of funds and credit assessment expertise combined with the company’s rule engine-based loan origination for the sourcing, servicing, and recovery of loans.
About the company, MAG Finserv is a financial services company that has been in operation for more than 15 years and has helped over 100,000 customers overcome financial obstacles through its lending portfolio. The company appears to have a customer-centric approach, valuing relationships and nurturing them with care and consideration. MAG Finserv also seems to place a high value on its culture and guiding principles, which guide its actions and interactions with people, employees, customers, associates, and society.
