Central Bank of India enters into co-lending partnership with IKF Home Finance Ltd

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. IKF Home Finance Limited to offer MSME and Home Loans at competitive rates, subject to compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI). The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and M/s. IKF Home Finance Limited.

M/s. IKF Home Finance Limited is registered with National Housing Bank. The HFC is retail focused and primarily engaged in providing home loans and loans against property for business requirement.

Managing assets totaling to Rs. 696.10 Crores, IKF Home Finance operates across 6 states : Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra and Gujarat, with a workforce of over 500 employees and a network of 69 branches.

Under the arrangement, M/s. IKF Home Finance Limited will originate and process Loan proposals under Retail and MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME and Home Loans under mutually agreed terms. M/s. IKF Home Finance Limited will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India.

Shares of Central Bank of India was last trading in BSE at Rs. 35.11 as compared to the previous close of Rs. 35.69. The total number of shares traded during the day was 1387160 in over 4073 trades.

The stock hit an intraday high of Rs. 36.08 and intraday low of 35.00. The net turnover during the day was Rs. 49085237.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership IKFHomeFinance MSME HomeLoans