India Post Payments Bank & LIC Housing Finance ink pact to offer home loans
LIC Housing Finance will get access to 136,000 banking access points to make its home loan products accessible to IPPB’s customers across India.
September 07, 2021 / 04:01 PM IST
India Post Payments Bank (IPPB) and LIC Housing Finance (LICHFL) announced a strategic partnership on September 7 allowing LICHFL to tap over 4.5 crore customers of IPPB.
IPPB has a presence across India with 650 branches and 136,000 banking touch points. As a part of the tie-up IPPB will be responsible for sourcing business for LICHFL. Currently, IPPB offers insurance products through its tie-up with insurance companies.
IPPB’s on-ground workforce comprises of nearly 200,000 postal employees (postmen and gramin dak sevaks) equipped with micro-ATMs, biometric devices, etc.,the payments bank said in the release.
J. Venkatramu, MD & CEO, India Post Payments Bank in a statement said, "The partnership with LICHFL is a significant tie-up in IPPB's journey to become one of the largest platforms for availing credit products by our customers for meeting various needs, in line with our focus on providing comprehensive customer-centric, convenient and digital solutions to our customers.”
Y. Viswanatha Gowd, MD & CEO, LIC Housing Finance in a statement said, “The strategic MoU with IPPB will help us to further deepen our market penetration and enable us to increase LICHFL’s home loan product outreach in untapped geographies across the country. With an unmatchable presence of Post Offices, we see this strategic partnership as a significant step that will help our long-term business growth and improve our market share.”
The mortgage lender currently offers home loan starting from 6.66 percent for loans up to Rs 50 lakh for salaried individuals.