“IIFL Finance has transformed its business model from being a pure non-bank lender to increasingly a co-lending partner with banks,” said Nirmal Jain, founder IIFL group and managing director, IIFL Finance. “IIFL Finance has benefited from the co-lending model, where it keeps only about one-fifth of the loan on its own books and four-fifth goes to the bank’s books,” he told ET.
