Money & Banking

Now, get a gold loan sitting at home

Our Bureau Kochi | Updated on July 01, 2020 Published on July 01, 2020

Muthoot Finance’s Loan@Home digital service takes into account Covid-related movement restrictions and safety concerns

Muthoot Finance has launched a service, Loan@Home, that will help customers get a gold loan without stepping out of their homes.

Dedicated Loan@Home staff will visit the customer’s home at an appointed date and time, carry out required digital checks, verify the customer’s gold ornaments at the premises, create the loan and generate loan documentation, and the loan amount is credited to the customer’s bank account.

Movement restrictions and safety concerns brought about by the Covid-19 pandemic has been a game-changer for the business ecosystem, especially with regards to last-mile delivery of services to clients. Considering the challenges faced by the customers in these trying times, the company launched the new service, a fit-for-purpose innovation that helps customers monetise their gold ornaments without stepping out of their homes, the firm said.

George Alexander Muthoot, Managing Director, said: “With Loan@Home, we are taking Muthoot Finance to the customer’s home. Now, the customer can get a gold loan from the comfort of his/her home without having to visit the branch at any stage of the procedure.

“As a leading financial services enterprise, we find that, under such circumstances, a large swathe of our customers — existing and prospective — across India may be finding it difficult to approach our branches to do business due to the restrictions. Such apprehensions are especially apparent among higher net worth customers.”

Loan@Home is principally an app-based digital service. The customer can apply for a loan through the dedicated mobile app and web portal, or the iMuthoot mobile app, or the Muthoot Finance call centre.

A remote supervising team oversees the entire customer-to-branch process using GPS-based tracking software. As soon as a Loan@Home enquiry is verified and accepted, real-time customer due diligence takes place through a video-based KYC process. This is followed by an appointment for the visit by the executives.

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Published on July 01, 2020
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