India Post Payments Bank (IPPB) below the Department of Posts and LIC Housing Finance Limited on Tuesday introduced a strategic partnership below which house mortgage merchandise shall be supplied to greater than 4 crore clients of India Post Payments Bank.
With the assistance of its in depth community of 650 branches and greater than 1,36,000 banking entry factors, IPPB will make LIC Housing Finance’s house mortgage merchandise accessible to its clients pan-India, a press release issued by the Ministry of Communications.
According to the pact signed by the 2 entities, credit score underwriting, processing and disbursement for all house loans shall be dealt with by LIC Housing Finance with IPPB accountable for sourcing.
The alliance with LIC Housing Finance is a part of IPPB’s technique to increase its vary of services and to cater to the banking and monetary wants of various clients, particularly unbanked and underserved, throughout the nation.
Currently, IPPB is distributing numerous basic and life insurance coverage merchandise by partnerships with main insurance coverage firms and credit score merchandise is a pure extension for the shoppers on the final mile.
LIC Housing Finance gives house mortgage ranging from 6.66 per cent for loans as much as Rs 50 lakh for salaried people. The charge of curiosity provided is linked to the borrower’s creditworthiness, as mirrored by their CIBIL scores.