Muthoot Finance expands its lending portfolio by venturing
in to Personal Loans
Chennai, 4th
July 2018:
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.”
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Photo Caption :
1. Babu John Malayil - DGM, Corporate Communications
2. George M Alexander - Executive Director
3. George M Jacob - Executive Director
4. Sai Manohar Pai - DGM, Personal Loan
|
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.
For More Information Please Contact:
Babu John Malayil(Muthoot Finance Ltd)
0484-
6690357/ babujohn@muthootgroup.com
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