Muthoot Finance expands its lending portfolio by venturing into Personal Loans
Muthoot Finance Ltd (MFL), the #1 gold financing company expands its lending portfolio by venturing into Personal Loans.The company focuses on delivering faster and efficient service to the customers with simple documentation and appraisal process. Any salaried individual with stable employment and a monthly salary of Rs 20,000 or more in metro locations and Rs 10,000 or more in other towns can apply for a personal loan with MFL. The rate of interest starts from 14% onwards.
Mr. George M Alexander, Executive Director, Muthoot Finance Ltd said, “The disbursement of personal loan has witnessed consistent growth in India for the last 15 years. Also, the advent of credit bureaus has made personal loans more accessible to salaried class as financial institutions are willing to lend more based on individuals past credit behavior.”
He further added, “We will be able to leverage our existing customer base through our branches and our direct sales team thereby reaching to more and more customers. At a time when most of the lenders focus on financing individuals employed with large and established corporates, state and central government employees etc, Muthoot Finance will focus equally on salaried individuals employed with SMEs as well as with bigger corporates. We will also lend personal loans to first time borrowers who meet our underwriting norms.”
In the current FY19, the company aims to offer the Personal Loan product in more than 20 cities of South India. The company aims to build a portfolio of Rs. 3,000 crore over next five years by 2023. Prospective customers will be able to apply for personal loans by visiting the nearest branch of Muthoot Finance Ltd.
About Muthoot Finance Ltd:
Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a ‘Systemically Important Non-deposit taking NBFC’ headquartered in the southern Indian state of Kerala.
Operating history of Muthoot Finance has evolved over a period of 78 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.
The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.Company is listed on both National Stock Exchange and Bombay Stock Exchange.