Under this agreement, Manba Finance will originate Two-wheeler loans as per the agreed credit policy in line with the provisions of RBI
Muthoot Capital and Manba Finance Limited have entered into a co-lending agreement to provide financial support for purchasing two-wheeler and used car.
Muthoot Capital, promoted by the Muthoot Pappachan Group is a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India and listed in Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE). Manba Finance Limited, a registered NBFC with the Reserve Bank of India, today announced that they have signed a Co-Lending Loan Agreement of Rs. 150 crores dealing in Two-wheeler financing business. This partnership will provide access to financial solutions tailored to individual needs related to Two-wheeler finance.
Mathews Markose, CEO of Muthoot Capital said “Muthoot Capital, as a diversified financial institution, recognizes the importance of building partnerships in Two-wheeler financing and has chosen to co-lend with Manba Finance to capitalize on this opportunity. This strategic partnership showcases Muthoot Capital's commitment in supporting the growth and development of innovative financial services in India. Muthoot Capital, under separate arrangement, uses the vast network of branches of their flagship Company Muthoot FinCorp to sell Two-wheeler and Used-Car products across the country.
Manish Shah, Chairman & MD of Manba Finance Limited said “This collaboration with Muthoot Capital, a respected name in the financial sector signifies a significant milestone in Manba Finance's journey towards expanding and enhancing its lending services. This partnership will help Manba Finance for expansion and we will cater to a broader customer base over multiple geographical locations and offer financial solutions tailored to individual needs. This synergy promises a mutually beneficial opportunity, and we are confident that together, we will fortify and invigorate the lending ecosystem.