Indel Money Limited NCD Aug 2026

NCD · BSE

IND A-/Stable

Opens 18 Aug 2026

Allotment Status → Subscription Status → Review →

Type

IPO

Interest Rate

9.00–12.25%

Tenor

1.1–6.0Y

Min Invest

₹10,000

NCD IPO Schedule

Open Date

18 Aug 2026

Close Date

31 Aug 2026

Listing Date

07 Sep 2026

Issue Size

₹500 Cr

Status

upcoming

Basis of Allotment

FCFS

Available Series / Options

Series	Tenor	Rate % p.a.	Payment	Min Invest	Eff. Yield
Series I (400 days)	13M (1.08Y)	9.000%	monthly	₹10,000	9.380%
Series II (400 days)	13M (1.08Y)	9.000%	cumulative	₹10,000	—
Series III	24M (2.0Y)	9.500%	monthly	₹10,000	9.910%
Series IV	24M (2.0Y)	9.500%	cumulative	₹10,000	—
Series V	36M (3.0Y)	10.000%	monthly	₹10,000	10.460%
Series VI	36M (3.0Y)	10.000%	cumulative	₹10,000	—
Series VII	60M (5.0Y)	11.000%	monthly	₹10,000	11.560%
Series VIII	72M (6.0Y)	12.250%	cumulative	₹10,000	—
Series IX	72M (6.0Y)	11.500%	monthly	₹10,000	12.120%

Indicative Returns on ₹1,00,000

For a ₹1,00,000 investment in Indel Money Limited NCD, here is the projected interest and maturity value for each series at its stated coupon rate.

Series	Tenor	Rate	Payment	Periodic Income	Total Interest	Maturity Value	Effective CAGR
Series I (400 days)	1.08Y	9.00%	monthly	₹750	₹9,750	₹100,000	8.97%
Series II (400 days)	1.08Y	9.00%	cumulative	—	₹9,786	₹109,786	9.00%
Series III	2.0Y	9.50%	monthly	₹792	₹19,000	₹100,000	9.09%
Series IV	2.0Y	9.50%	cumulative	—	₹19,902	₹119,902	9.50%
Series V	3.0Y	10.00%	monthly	₹833	₹30,000	₹100,000	9.14%
Series VI	3.0Y	10.00%	cumulative	—	₹33,100	₹133,100	10.00%
Series VII	5.0Y	11.00%	monthly	₹917	₹55,000	₹100,000	9.16%
Series VIII	6.0Y	12.25%	cumulative	—	₹100,041	₹200,041	12.25%
Series IX	6.0Y	11.50%	monthly	₹958	₹69,000	₹100,000	9.14%

Indicative only, based on the stated coupon rate. Not investment advice.

Issue Details

Payment Mode

ASBA & UPI

Security

1.00X

Registrar

MUFG Intime India Private Limited.

Lead Manager

Trust Investment Advisors Private Limited & Others.

Statutory Auditor

M/s. Karnavat & Company, Chartered Accountants.

About This Issue

Indel Money Limited is a non-deposit-taking Non-Banking Financial Company (NBFC-ML) registered with the Reserve Bank of India. The company's core business is providing gold loans to customers in rural and semi-urban areas, secured against household gold jewellery. As of March 31, 2026, gold loans constituted approximately 91.54% of its total Assets Under Management (AUM), which stood at ₹3,01,144.33 lakhs. Indel Money has grown its operations significantly, expanding its branch network to 397 branches across 12 states in India. For the fiscal year ending March 31, 2026, the company reported a profit after tax of ₹12,396.71 lakhs. The company is currently raising funds through a public issue of secured, redeemable, non-convertible debentures (NCDs) up to ₹50,000 lakhs to support its onward lending activities.

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Tax on NCD Interest

If you invest in Indel Money NCDs, the interest you earn will be added to your income and taxed according to your income tax slab. The company will deduct tax at source (TDS) at 10% on the interest payments. However, if your total income is below the taxable limit, you can avoid TDS by submitting Form 121. For Non-Resident Indians (NRIs) and Foreign Portfolio Investors (FPIs), different tax rules apply, and they may benefit from tax treaties between India and their home country. Also, if you sell these NCDs before maturity, any profit you make will be treated as capital gains and taxed accordingly. Since tax rules can be complex, it is always a good idea to talk to a tax advisor before investing.

Who Should Consider This NCD

This NCD issue is a good option for investors who want safety along with regular returns. The NCDs have been rated 'IND A-/Stable', which means they are considered to have adequate safety for timely payment of interest and principal. Additionally, these NCDs are secured against the company's assets, ensuring 100% security cover. This makes them suitable for risk-averse investors like retirees, senior citizens, or anyone looking for a stable income source. If you are looking to diversify your investment portfolio beyond fixed deposits or volatile stocks, this could be a good choice. However, you should still review the risk factors mentioned in the offer document before making a decision.

Liquidity & Early Exit

One of the advantages of this NCD is that it will be listed on the BSE stock exchange. This means you can sell your NCDs in the stock market if you need money before the maturity date. This feature provides flexibility that is not available in bank fixed deposits. However, please note that there is no guarantee that there will always be buyers for your NCDs, and the price you get may be higher or lower than what you paid, depending on market conditions. There is no option to return the NCDs to the company before maturity (put option), and the company also cannot force you to sell early (call option). So, if you need an early exit, you will have to sell your NCDs on the stock exchange.

Documents & How to Invest

Investing in this NCD issue is simple and fully digital. The application process uses the ASBA system, meaning your money stays in your bank account and is only blocked until you get the allotment. For retail investors applying for up to ₹5,00,000, you can use the UPI (Unified Payments Interface) for quick and easy fund blocking. To apply, you will need the following: A Demat account (to hold the NCDs) Your PAN (Permanent Account Number) Your bank account details (for ASBA blocking) The minimum investment is ₹10,000 (10 NCDs), and you can invest in multiples of ₹1,000 thereafter. Make sure your Demat account is active and your KYC details are updated to avoid any rejection.

Frequently Asked Questions

What is the Indel Money NCD issue and how much can I invest?

Indel Money Limited is raising funds by issuing Secured, Redeemable, Non-Convertible Debentures (NCDs). The company is offering NCDs worth ₹25,000 lakhs (Base Issue), with an option to retain oversubscription up to another ₹25,000 lakhs, making the total issue size up to ₹50,000 lakhs. Each NCD has a face value of ₹1,000. You can start investing with a minimum of ₹10,000 (10 NCDs), and thereafter you can invest in multiples of ₹1,000 (1 NCD). The issue is open to retail investors, high-net-worth individuals (HNIs), and institutional investors.

What is the credit rating of these NCDs and what does it mean?

These NCDs have been rated 'IND A-/Stable' by India Ratings and Research Private Limited. This rating indicates that the NCDs are considered to have an adequate degree of safety regarding timely payment of interest and principal. In simple terms, it means the company has a good track record of repaying its debts, and the risk of default is low. However, please note that ratings can be revised or withdrawn by the rating agency, and they are not a guarantee of safety. You should always do your own research before investing.

Are these NCDs secured?

Yes, these NCDs are fully secured. The company has created a first-ranking pari-passu charge on its current assets, which includes book debts, receivables, loans, advances, cash, and bank balances. This ensures that at least 100% security cover is maintained for the principal and interest due on the NCDs. In simple words, if the company fails to repay, the investors' money is backed by the company's assets, which can be sold to recover the dues. The security is created in favor of the Debenture Trustee, who acts on behalf of the investors to protect their interests.

How is the interest taxed for NCD investors?

The interest you earn from these NCDs is taxable. The company will deduct TDS (Tax Deducted at Source) at 10% on the interest paid. However, you can avoid TDS if: Your total income is below the taxable limit (submit Form 121) You are a senior citizen (aged 60+) with no tax liability (submit Form 121) You get a certificate from the Income Tax Department for lower or no deduction (Form 13) For NRIs, the TDS rate is 20%, but they can claim benefits under the Double Taxation Avoidance Agreement (DTAA) with their home country. Additionally, if you sell the NCDs before maturity, any profit you make will be taxed as capital gains. Since tax rules vary based on individual situations, it is recommended to consult a tax advisor.

Can I sell my NCDs before maturity? Is there an exit option?

Yes, these NCDs will be listed on the BSE stock exchange. This means you can sell your NCDs in the secondary market if you need money before the maturity date. This provides liquidity, unlike fixed deposits where your money is locked in. However, please note: There is no guarantee that there will always be buyers for your NCDs The selling price may be higher or lower than your purchase price, depending on market conditions and interest rates There is no put option (you cannot force the company to buy back the NCDs early) There is no call option (the company cannot force you to sell early) So, while an early exit is possible through the stock exchange, the price you get depends on market demand.

Who is eligible to invest in this NCD issue?

This NCD issue is open to a wide range of investors, including: Retail Individual Investors (Resident Indians applying up to ₹2,00,000) High Net-Worth Individuals (HNIs) (Resident Indians applying above ₹2,00,000) Non-Institutional Investors (companies, trusts, partnership firms, societies, etc.) Institutional Investors (banks, mutual funds, insurance companies, provident funds, pension funds, etc.) Note: NRIs and Foreign Portfolio Investors (FPIs) are NOT eligible to apply in this issue. If you are applying as an HUF, the application should be made through the Karta, and you must provide the PAN of the HUF, not the Karta. All applicants must have a valid PAN and an active Demat account to receive the NCDs

How can I apply for the Indel Money NCD issue?

Applying for this NCD issue is simple and fully digital. The process uses the ASBA (Application Supported by Blocked Amount) system, meaning your money stays in your bank account and is only blocked until you get the allotment. To apply for this NCD, contact Meta Investment. Minimum Investment: ₹10,000 (10 NCDs) | Multiples: ₹1,000 (1 NCD) thereafter.