The Hindu Business Line : Muthoot Finance re-launches gold loan scheme

MUTHOOT Finance (P) Ltd, the flagship company of the Rs 300-crore Muthoot Group, has re-launched its gold loan as `Gold Power' by describing it as lifestyle loan product.

A personal loan against gold security, Gold Power is packed with features such as lower interest rates, easy availability, easy documentation and easy repayment options etc.

Mr George Alexander Muthoot, Managing Director of the company, said that the group is widening the scope of personal loans against gold security, which can be effectively used for a variety of needs such as starting up a business, foreign trips, high-value purchases, higher education of kids and so on. Convenience repayment, a feature of Gold Power makes it user-friendly lifestyle loan.

The Muthoot Group, he said, handles 100 tonnes of gold every year catering to over 27,000 customers every day.

The loan advances of the company have touched Rs 5,000 crore per annum. The company had a nationwide presence with over 450 branches across 15 States.

Mr K.P. Padmakumar, Executive Director of the company, said on the occasion that the objective of introducing this new concept is to make gold investments a productive one by unlocking the power of gold and not to keep it as a dead investment.

India is the largest consumer of gold, as the country has 1.5 lakh tonnes of gold, which is 9 per cent of the global gold stock.

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