On December 19, IIFL finance has announced the association with ICICI bank to provide affordable housing and Medium Small Micro Enterprises loans. IIFL Home Finance Ltd and ICICI bank have entered into a sourcing and servicing arrangement to make a partnership in extending the credit to the affordable loans and MSME loans (loans against property, said by IIFL finance in a regulatory filing.
This association will create benefits from both sides. IIFL Home will provide service and support to customers through the entire period of loan which includes the sourcing, documentation, collection, and loan servicing whereas ICICI Bank will provide funding to these customers. Definitive agreements for the arrangement which includes the sourcing agent agreement and service provider agreement have been developed between IIFL Home and ICICI Bank on December 18, the filing has reported. IIFL Finance Ltd is one of the leading companies in the Indian financial services sector, which is involved in the business of loans and mortgages along with its subsidiaries IIFL Home Finance Limited and Samasta Microfinance Limited.
The products offered by IIFL include home loans, gold loans, business loans including loans against property and medium and small enterprise financing, microfinance, developer and construction finance, and capital market finance and catering to both retail and corporate clients. IIFL Home Finance Limited comes under the Companies Act of 1956 and it is also registered as a Housing Finance Company with the National Housing Bank. The Company is a subdivision of IIFL Finance.
IIFL Securities Limited (Formerly India Infoline Limited) is one of India’s largest independent full-service retail and institutional broking house. It’s being a leading advisory firm in India helping out the investors, corporates, foreign portfolio investors, mutual funds, insurance companies, alternative investment funds, trusts, high net worth individuals in diversified financial services and products investment funds to individuals and retail clients. One of India’s fastest-growing wealth management firm IIFL Wealth, which is having an AUM greater than 21 billion USD.They serve the highly net worthy individuals who having highly important needs, also wealthy families, family offices, and clients from different institutions through a variety range of tailored wealth management solutions.
