India-based Chola launches co-lending business with technology from Nucleus Software

Chola has launched a new co-lending business where the company is in the process of partnering with various banks to target higher value loan segments such as construction equipment finance and heavy commercial vehicle finance.

The finance company has been a customer of the provider of lending and transaction banking solutions for more than a decade with FinnOne. FinnOne is a lending platform from Nucleus Software, powering the company’s end-to-end retail loan lifecycle. The co-lending solution from Nucleus Software will help Chola process the co-lending applications, assess credit risk, and ensure compliance to the regulatory requirements.

Chola, incorporated in 1978 as the financial services arm of the Murugappa Group, commenced business as an equipment financing company and has today emerged as a financial services provider offering vehicle finance, home loans, loan against property, SME loans, investment advisory services, stock broking and a variety of other financial services to customers. The company operates from 1132 branches across India with assets under management above INR 74,000 Crores.