IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit to the MSME loans (loan against property).
Under this partnership, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
Definitive agreements for the said co-lending arrangement had been executed between the IIFL Home Finance and Standard Chartered Bank on 16 January 2021.
IIFL Finance offers a wide spectrum of products such as home loan, gold loan, business loan, microfinance, capital market finance and developer & construction finance.
On a consolidated basis, the company's net profit jumped 148% to Rs 212.59 crore on a 30.3% rise in total income to Rs 1515 crore in Q2 September 2020 over Q2 September 2019.
IIFL Finance shed 0.30% to Rs 115.05. It traded in the range of 114.80 and 116.50 so far during the day.
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