➢The partnership to enable paperless operations from sourcing, loan disbursement to servicing.
➢ Additionally, it will ensure a robust and automated credit decisioning for intelligent risk management.

Mumbai, September 5, 2023: Mahindra Rural Housing Finance, a subsidiary of Mahindra & Mahindra Financial Services Limited and one of the largest rural non-banking finance companies, has gone live on FinnOne Neo™ the next-generation digital lending solution from Nucleus Software, for their retail and mortgage lending operations. The implementation was completed in under a year with zero business disruptions.

FinnOne Neo™ will digitally transform the lending landscape for Mahindra Rural Housing Finance with:

➢ Paperless operations from sourcing, loan disbursement to servicing.

➢ Enhancing business agility and to enable sustainable growth.
➢ Robust and automated credit decisioning for intelligent risk management.
FinnOne Neo™, the comprehensive and composable digital lending platform will act as a supplement to Mahindra Rural Housing Finance’s digital transformation agenda. It will further aid in streamlining and automating the customer acquisition process, along with loan management & servicing, to deliver hyper-personalized and secure services to its end customers. The solution is easily scalable, can be quickly integrated with the financial ecosystem, allows seamless straight through processing and is innovation-led. This partnership will further help Mahindra Rural Housing to gain optimized operational efficiencies and regulatory compliances aligned to the changing market dynamics, business needs and consumer demands.

Shantanu Rege, MD & CEO- Mahindra Rural Housing Finance said, “At Mahindra Rural Housing Finance, we are dedicated to embracing innovation that empowers our customers and transforms their lives. The successful implementation of FinnOne Neo™ is another step in our journey towards digital excellence. With paperless operations, intelligent risk management, and hyper-personalized services, we are now poised to redefine the lending experience for our valued customers. This achievement reflects our commitment to enhancing business agility and sustainable growth while staying true to our mission of serving customers. As we adapt to changing market dynamics and evolving consumer demands, we are confident that FinnOne Neo™ will catalyse optimized operational efficiencies and regulatory excellence.”

Parag Bhise, CEO- Nucleus Software Exports Ltd, said- “We are happy to partner Mahindra Rural Housing Finance in their digital transformation journey towards delivering enhanced customer experience, transparency and operational efficiency keeping in mind ease of use, scalability, security and sustainability at every step. We have been able to achieve go live in record time with zero disruptions thanks to the dedication, clarity and approach adopted by both teams.”

With the successful and smooth go-live of the digital lending platform, all relevant loan applications are now processed through FinnOne Neo™. The end-to-end loan lifecycle management system will assist Mahindra Rural Housing Finance achieve its vision of being the lender of choice in rural housing finance.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 9.3 million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has 1,367 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.

Mahindra Finance has been ranked 59th among India’s Best Companies to Work 2023 by Great Place to Work Institute.

Mahindra Insurance Brokers Limited (MIBL), the Company’s Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.

Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.

Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) acts as the Investment Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund).

Mahindra Manulife Trustee Private Limited (MMTPL), (formerly known as Mahindra Trustee Company Private Limited) acts as a Trustee to Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund).

Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.

The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.

Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and Facebook:

@MahindraFin

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

Media Contact:
Mohan Nair
Head – Communications
Mahindra & Mahindra Financial Services Limited
E-mail: nair.mohan@mahindra.com
Mobile #: +91 9004012237