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Muthoot Fincorp, flagship company of the diversified Muthoot Pappachan Group (MPG), has announced the revamp of its entire gold loan portfolio.
The new portfolio has five gold loan products with numerous variants in interest rates, loan-to-value (LTV), holidays and tenure, offering the customer choice and flexibility.
The new products are: up to ₹1 lakh (Muthoot Blue Guide Gold Loan); ₹1-3 lakh (Muthoot Blue Bright Gold Loan); ₹3-8 lakh Muthoot Blue Power Gold Loan); ₹8+ Lakh (Muthoot Blue Big Gold Loan); and EMI loan (Muthoot Blue Smart Gold Loan).
The portfolio boasts features such as SMS-based transactions and an EMI scheme with better interest rates aimed at providing ‘financial support at the doorstep of the common man’.
Thomas John Muthoot, Chairman and Managing Director, MPG, said, “the gold loan portfolio is better aligned to the needs and demands of the customers of today. With the new portfolio of offerings, we expect significant growth in the next few years.”
Vasudevan Ramaswami, Chief Operating Officer, Muthoot Fincorp, said that gold loan has evolved and is not seen just as an emergency loan any more. It is more of an easy liquid asset, leveraged to plan life better.
“We have devised specific rebates and discounts based on customers’ credit behaviour and encourage customers to make digital repayment,” he said.
Muthoot Fincorp is one of the largest NBFCs in India with over 3,600 branches and claims an average walk-in of one lakh customers per day.
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