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GE Countrywide in pact with SHCIL

Our Bureau

HYDERABAD, Jan. 4

GE Countrywide, the leading consumer finance company, has entered into a strategic alliance with Stock Holding Corporation of India Ltd (SHCIL), the largest depository participant in the country, for offering a one-stop shop for comprehensive financial s ervices solutions.

Both the partners expect the tie-up to leverage their extensive distribution networks to offer customised finance solutions and products to over six lakh SHCIL customers across the country.

Under the alliance, all personal loan products of GE Countrywide would be made available through 138 SHCIL branches located in 88 cities across the country. GE Countrywide would extensively train the SHCIL staff in transaction handling and managing back- end processes related to extending the loans.

The partnership would later be extended to cover other GE Countrywide finance products. Both self-employed and salaried customers of SHCIL can avail of personal loans ranging from Rs 10,000 to Rs 3 lakh with loan tenors up to four years.

In a press communique issued here on Thursday, the GE Countrywide Chief Executive Officer and Managing Director, Mr Vishal Dhawan, said: ``Through our extensive research, we have developed finance products that are suited to meet the needs of consumers in every part of the country. Our partnership with SHCIL will enable us to reach them effectively and meet their needs in a timely and efficient manner.''

According the CEO and Managing Director of SHCIL, Mr B. Virupaksha Goud, GE Countrywide's personal finance products fit in perfectly with SHCIL's strategy of broadbasing its product range and offering financial solutions to SHCIL customers. ``This will help SHCIL to position itself to meet the challenges of the future.''

GE Countrywide, with a strong retail distribution network spread over 5,000 outlets in 88 cities across the country, offers a wide range of products including car finance, consumer durable finance and personal loans.

It is currently offering consumer finance programmes for individuals, corporates and institutions in partnership with 25 leading companies in the country.

SHCIL is offering a host of financial products besides depository services. Its product-mix includes Sell-n-Cash, which ensures instant payment against sale of dematerialised shares, STOCKdirect, an online trading platform, ADDshares, a facility of provi ding loans against demat shares, and distribution of Government relief bonds and mutual fund products.