Tag: gold loan

Top gold loan rates and comparison, BFSI News, ET BFSI

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To take care of a financial emergency, an individual has various options. These include taking a personal loan or redeeming their investments in financial instruments like the provident fund, mutual funds etc.

When it comes to borrowing from a financial institution, other than availing a personal loan, one can also opt for a gold loan. If you are planning on taking a gold loan (or a loan against gold), here is what you need to know.

What is a gold loan?
A gold loan is a loan against gold. It is a secured loan where gold articles such as gold jewellery, ornaments etc. are taken as collateral by the lending bank/NBFC. The loan is given to the borrower against this gold as collateral.

Where to avail gold loan?
Apart from banks such as SBI, ICICI Bank, HDFC Bank etc., non-banking finance companies (NBFCs) also offer gold loans to individuals. NBFCs which offer gold loans include Muthoot Finance, Manappuram Finance etc.

Minimum and maximum gold loan amount
The amount of loan that an individual can get against a gold article will vary from lender to lender. For instance, ICICI Bank offers gold loans between Rs 10,000 and Rs 1 crore. Whereas the State Bank of India (SBI) offers gold loans between Rs 20,000 and Rs 20 lakh. While Muthoot Finance offers gold loans starting from a minimum amount of Rs 1,500 with no maximum limit.

Tenure of gold loan
The tenure of the gold loan will also vary from lender to lender. For instance, HDFC Bank offers gold loans with tenures between three months and 24 months. Maximum period of repayment of an SBI gold loan is 36 months. Muthoot Finance offers different types of gold loan schemes that come with different tenures.

Interest rate on gold loan charged by bank and NBFC

Bank / NBFC Gold Loan Interest Rate Processing Fee
Bank of Maharashtra 7.00% Rs.500 to Rs.2000 + GST.
SBI 7.00% to 7.50% 0.50% + GST
Punjab & Sind Bank 7.00% to 7.50% Rs.500 to 10000 max
Union Bank 7.00% to 9.90%
Canara Bank 7.35% Rs.500 to Rs.5000
Indian Bank 7.50% to 8% 0.56% of the limit sanctioned
South Indian Bank 8.00% – 21.87%
Karnataka Bank 8.49% to 8.79%
Uco Bank 8.50% Rs.250 to 5000 max
Federal Bank 8.50% onwards
HDFC Bank 8.50% to 15.97% 1% of disbursal amount
Punjab National Bank 8.75% to 9% 0.75% of loan amount
Bank of Baroda 9.00% to 9.15% Applicable charges + GST
ICICI Bank 9.00% to 19.76% 1% of loan amount
Central Bank of India 9.05% 0.75% of loan amount
City Union Bank 9.50% Nil
Karur Vysya Bank 9.50% to 10.00% 0.50% (inclusive of Appraisal charges)
Dhanlaxmi Bank 9.65% (Fixed) 1% + GST
J & K Bank 10.00% Rs 500 + GST
Indusind Bank 10.00% to 16.50% 1% of loan amount
Kotak Mahindra Bank 10.00% to 17.00% Upto 2% + GST
Bandhan Bank 10.99% to 18.00% 1% + GST
Axis Bank 13.50% to 14.50% 0.5% + GST
Muthoot Finance 22% p.a. with 4% rebate if 100% interest is paid monthly
AU Small Finance Bank Up to 24% 1% or Rs. 500 whichever is heigher

All data sourced from Economic Times Intelligence Group (ETIG)
Interest rate on gold loan sorted based on increasing order of maximum interest rate charged by bank/NBFC
Interest rate data as on December 4, 2021What are the documents required?
To avail a gold loan, the bank or NBFC will ask you to provide various documents. Documents normally required include your proof of identity such as PAN, Aadhaar etc. and proof of address like Aadhaar, passport, Voter-ID card etc, and your photograph. Any additional documents required would vary from lender to lender.

What are the charges?
For loans like home, auto and personal loans, the borrower is usually required to pay processing charges/fees to avail the loan. While taking a gold loan, apart from processing fees, an applicant may be asked to pay for valuation of gold which will be used as collateral by the lending institution. For instance, HDFC Bank charges Rs 250 as valuation fees for loan up to Rs 1.5 lakh and Rs 500 for loan over Rs 1.5 lakh.

Apart from processing fees and valuation charges, a bank can also charge documentation and foreclosure charges.
Therefore, you should check with the bank and/or NBFC for all the charges that will be levied before availing the loan.

Disclaimer: The data/information given above is subject to change, hence before taking any decision based on it, please check terms and conditions with the bank/institution concerned.

For any queries or changes, please write to us on etigdb@timesgroup.com or call us at 022 – 66353963



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Banks may set up central repository to tackle gold loan frauds

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Banks are exploring whether a centralised repository for reporting frauds in gold loans should be set up to tackle rising incidents of frauds amidst robust demand for these loans since the outbreak of Covid-19 pandemic.

The repository could help prevent/minimise gold loan frauds as lenders will be able to cross-check prospective borrowers’ record on the quality of gold they pledged for their earlier borrowings, said a senior public sector bank official.

Rise in gold loans

Loans against gold jewellery (LAGJ) portfolio of scheduled commercial banks (SCBs) soared by about 66 per cent year-on-yar (yoy) to ₹62,926 crore as at August 27, 2021, against ₹37,860 crore as at August 28, 2020, according to RBI data. SCBs LAGJ portfolio stood at ₹26,542 crore as at August 30, 2019.

Both internal and external frauds in gold loan business are the biggest risks, per an ICICI Securities report on gold loan.

“Banks are witnessing cases of these frauds in their gold loan portfolio in recent times.

“While specialised gold loan non-banking financial companies (NBFCs) are also seeing fraud cases in recent times, they are better placed in protecting themselves against such frauds,” said ICICI Securities Research Analysts’ Ansuman Deb, Kunal Shah and Vishal Singh.

The Analysts’ observed that internal fraud takes place when the company or bank’s own employees indulge in committing fraud. External fraud is a situation when a customer commits fraud by pledging fake collateral etc.

Banking expert V Viswanathan underscored that gold loan fraud can take place due to pledge of fake ornaments; and gold appraisers/valuers (either singly or in collusion with branch staff) getting their accomplices to take gold loans. Then there are cases of stolen ornaments being pledged.

“Aggressive expansion targets in gold loans puts pressure on branch officials. This leads to reliance on middle men to bring in borrowers or high dependence on appraisers or local staff. Accomplices are brought in by appraisers,” he said.

Further, if the appraiser/valuer knows that staff in a particular branch is not skilled in dealing with gold loans, word gets around fast locally, resulting in frauds.

Viswanathan noted that top performing branches get preferential treatment at head office or controlling office, resulting in fewer inspections. So, local staff are tempted to commit fraud.

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Bank of Maharashtra cuts down lending rate by 10 bps, BFSI News, ET BFSI

Banking & Finance

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Public Sector Lender, Bank of Maharashtra on Monday announced that it has reduced it’s Repo Linked Lending Rate (RLLR) from 6.90% to 6.80% with effect from 11 October, 2021. The 10 basis point reduction will make housing, car, education, MSMe and other loans cheaper.

“By reduction in RLLR our customers will be immensely benefited with zero processing charges in home loan, car loan and gold loan segments. This is going to add fillip to our customer satisfaction and bring cheers during the festive seasons,” said A S Rajeev , Managing Director, Bank of Maharashtra.

Additionally, the bank has also reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points. MCLR for overnight has been reduced to 6.70%, 1 month- 6.80%, 3 months- 7.10% and 6 months tenure to 7.15%. One year MCLR has been reduced by 5 bps to 7.25%.

Ahead of the festive season, the bank had earlier announced a processing fee waiver on home, car and gold loans. Post the new development, the home loan rate have been reduced to 6.8%, car loans to 7.05% and gold loans to 7%.



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IndusInd Bank inks gold loan co-lending pact with Indel Money, BFSI News, ET BFSI

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In what could be tagged as a maiden tie-up in the gold loan space, private sector lender IndusInd Bank has entered into a co-lending partnership with Kochi-based gold loan firm Indel Money. This is the first-of-its-kind conventional gold loan co-lending partnership between a gold-loan focused NBFC and a commercial bank, the Kochi firm, known for long-term loans against the yellow metal, said in a statement on Wednesday.

Under the tie-up, IndusInd Bank will offer gold loans at competitive rates to its customers, which will be originated by Indel Money, Umesh Mohanan, chief executive of Indel Money, said on Wednesday.

“We will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria, under this co-lending partnership. We will also service the customers through the entire life-cycle of the loans, including sourcing, documentation, collection and loan servicing,” said Mohanan who is also the executive director of the diversified group.

The group is engaged in the car and two-wheeler retail, media and film production and EPC contracts.

While IndusInd Bank will take into its book 80 per cent of the gold loan generated by the co-lending arrangement, the remaining 20 per cent will be funded by Indel Money, Mohanan told PTI without disclosing how much incremental growth he expects in the AUM under this agreement.

The co-lending partnership as a pilot has been successfully running through this month and a national launch is expected shortly, he added.

Srinivas Bonam, head of inclusive banking at IndusInd Bank, said this collaboration is in line with the bank’s strategy to bring efficient and inclusive lending solutions.

Indel Money entered the gold loan market, which used to offer only up to three months tenor for a loan, offering up to two years loan. Even after many years, Indel is the only gold loan company offering two-year gold loans, even though others have also begun to offer up to one-year loans now.

Indel has a network of 191 branches spread across Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana and Puducherry, and is on course to enter Orissa, Bengal and Maharashtra this fiscal, while Gujarat and Rajasthan next financial year. On the other hand, IndusInd has over 2,000 branches across 760 locations.

Indel closed FY21 with a live gold loan AUM of Rs 580 crore, up from Rs 336 crore in FY20 and is targetting Rs 850 crore AUM in the worst-case scenario and Rs 1,000 crore in the best scenario this fiscal, Mohanan had told PTI recently.

Indel, a part of the diversified Indel Corporation with over Rs 1,000 crore revenue last year, made a foray into gold loans in 2013, offering one-year-long loans against gold pledge first and then for two years in an industry that has never looked beyond three months after which they just auction and force-exit the customer.

The impact of its long-term loan offering forced entrenched biggies like the Muthoot groups and of late Manappuram Finance to follow the firm, moving away from their standard three months tenor.



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Top gold loan rates and comparison, BFSI News, ET BFSI

Banking & Finance

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To take care of a financial emergency, an individual has various options. These include taking a personal loan or redeeming their investments in financial instruments like the provident fund, mutual funds etc.

When it comes to borrowing from a financial institution, other than availing a personal loan, one can also opt for a gold loan. If you are planning on taking a gold loan (or a loan against gold), here is what you need to know.

What is a gold loan?
A gold loan is a loan against gold. It is a secured loan where gold articles such as gold jewellery, ornaments etc. are taken as collateral by the lending bank/NBFC. The loan is given to the borrower against this gold as collateral.

Where to avail gold loan?
Apart from banks such as SBI, ICICI Bank, HDFC Bank etc., non-banking finance companies (NBFCs) also offer gold loans to individuals. NBFCs which offer gold loans include Muthoot Finance, Manappuram Finance etc.

Minimum and maximum gold loan amount
The amount of loan that an individual can get against a gold article will vary from lender to lender. For instance, ICICI Bank offers gold loans between Rs 10,000 and Rs 1 crore. Whereas the State Bank of India (SBI) offers gold loans between Rs 20,000 and Rs 20 lakh. While Muthoot Finance offers gold loans starting from a minimum amount of Rs 1,500 with no maximum limit.

Tenure of gold loan
The tenure of the gold loan will also vary from lender to lender. For instance, HDFC Bank offers gold loans with tenures between three months and 24 months. Maximum period of repayment of an SBI gold loan is 36 months. Muthoot Finance offers different types of gold loan schemes that come with different tenures.

Interest rate on gold loan charged by bank and NBFC

Bank / NBFC Gold Loan Interest Rate Processing Fee
SBI 7.00% to 7.50% 0.50% + GST
Bank of India 7.40% Rs.125 to Rs. 300 per lakh
Canara Bank 7.35% RLLR
Bank of Maharashtra RLLR + 0.20% Rs.500/- exclusive of GST.
Uco Bank 8.50%
Indian Bank 7 % Floating
Punjab National Bank RLLR + 1.95% 0.75% of loan amount
Central Bank of India MCLR + 0.25% NIL
Punjab & Sind Bank 7.50%
Federal Bank 8.50% onwards
United Bank 1 Year MCLR (9.35%)
Dhanlaxmi Bank Starting 9.65% (Fixed)
J & K Bank One Year MCLR + Spread = 10.00% p.a
Karur Vysya Bank 9.50%
Indusind Bank 10.00% to 16% Processing Fee – 1%
Kotak Mahindra Bank 10% to 17% Upto 2%
HDFC Bank 8.85% to 17.10% 1.50% + GST
Bandhan Bank Competitive rates of interest 1% + GST
ICICI Bank 9% to 19.76% 1% of loan amount
South Indian Bank 1 Year MCLR + 1.60% to 1 Year MCLR + 2.60%
Muthoot Finance 24% to 26%
Axis Bank 14.50% 1% + GST
AU Small Finance Bank Up to 24% 1% of loan amount
Manappuram Finance Max 29%
City Union Bank 9.50%
Union Bank MCLR+0.40% to MCLR+ 2.65%
Bank of Baroda 1 year MCLR+S.P+3% 0.50% + GST
Karnataka Bank 8.49% to 8.79%

All data sourced from Economic Times Intelligence Group (ETIG)
Interest rate on gold loan sorted based on increasing order of maximum interest rate charged by bank/NBFC
Interest rate data as on September 11, 2021What are the documents required?
To avail a gold loan, the bank or NBFC will ask you to provide various documents. Documents normally required include your proof of identity such as PAN, Aadhaar etc. and proof of address like Aadhaar, passport, Voter-ID card etc, and your photograph. Any additional documents required would vary from lender to lender.

What are the charges?
For loans like home, auto and personal loans, the borrower is usually required to pay processing charges/fees to avail the loan. While taking a gold loan, apart from processing fees, an applicant may be asked to pay for valuation of gold which will be used as collateral by the lending institution. For instance, HDFC Bank charges Rs 250 as valuation fees for loan up to Rs 1.5 lakh and Rs 500 for loan over Rs 1.5 lakh.

Apart from processing fees and valuation charges, a bank can also charge documentation and foreclosure charges.
Therefore, you should check with the bank and/or NBFC for all the charges that will be levied before availing the loan.

Disclaimer: The data/information given above is subject to change, hence before taking any decision based on it, please check terms and conditions with the bank/institution concerned.

For any queries or changes, please write to us on etigdb@timesgroup.com or call us at 022 – 66353963



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indiagold to raise $12 mn round from PayU, Alpha Wave Incubation fund

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indiagold, a gold-focused alternative credit platform, is planning to raise $12 million funding from PayU and Alpha Wave Incubation (AWI) fund. Other investors such as Better Tomorrow Ventures, 3one4 Capital, RainmatterCapital, and Leo Capital will also be participating in this round.

Launched in 2020 by Deepak Abbot and Nitin Misra, indiagold offers gold-backed loans, gold savings, and gold locker services to over a million consumers in India. Both the founders have worked as Senior Vice President of Paytm in the past.

The company aims to build a doorstep gold loan business backed by a robust technology stack, AI-based gold assessment capabilities, and superior customer-centricity – offering faster gold release and a transparent repayment policy. indiagold has made its Gold Locker service more secure, transparent, and convenient.

Nitin Misra and Deepak Abbot, co-founders of indiagold said, “India offers a large $650 billion addressable gold loan market which is highly fragmented and currently dominated by the informal segment. Even the formal segment hasn’t adopted digital practices at scale. indiagold’s suite of financial products bridges this critical need gap by digitally transforming lending against gold. With the support of our existing and new investors, we are moving aggressively towards our larger vision of establishing gold holdings as an alternate credit score, and creating a gold back credit platform for lenders to provide instant credit against gold.”

Vijay Agicha, Global Head of Strategy & Growth, PayU said, “Empowering disruptive fintech entrepreneurs through early-stage investments is a key element of PayU’s growth strategy. By supporting businesses that complement our existing portfolio, we aim to achieve our vision of developing a fintech ecosystem that will meet the financial services needs of millions of Indians. We believe that indiagold has the unique opportunity to expand the addressable market on the back of its product offerings and scale the business up significantly.”

Navroz D. Udwadia, Co-founder of Falcon Edge Capital said, “Gold, found in almost every household in India, is the key to provide affordable credit to every Indian. indiagold’s doorstep gold loan and gold locker products offers good customer experience and enables it to offer credit at more affordable rates.”

The gold financing business in India is predominantly offline, dominated by the informal segment, which accounts for approximately 70 per cent of gold loans in India. These loans address the liquidity needs of Indians without access to unsecured credit which is availed by less than 10 per cent of the total working population. The Covid-19 pandemic has accelerated the demand for short-term, low-cost, safe, and easily accessible formal credit options like digital gold loans.

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Gold loan business shines as economic stress grows amid pandemic, BFSI News, ET BFSI

Personal Finance

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If you have noticed retail shops and restaurants closing down in your locality and brightly lit jeweller’s shop opening in its place off late, there is a business booming in the middle of the pandemic.

While it is not about people flocking to buy gold, but pawning and selling gold in the time of widespread economic distress brought about by Covid.

It’s not just the local jewellers that are expanding, but the organised ones are on growth mode too.

What gives?

RBI data showed that at the end of FY21, the total value of gold loans outstanding was nearly Rs 60,500 crore — up 82% on the year.

Loan demand has picked up from the beginning of July as Covid-19 cases are declining and economic activities are on the upswing with many states easing restrictions. Gold loan non-banking finance companies (NBFCs) said customer walk-ins have increased during the month.

The average ticket size of loans that customers are opting for is Rs 55,000-60,000, which are rising for many lenders, showing growing signs of distress.

Gold loan NBFCs are seeing more competition in the gold loan business in the current financial year as the special allowance given by the Reserve Bank of India to banks to take an LTV (loan-to-value) exposure against gold loan was valid till March 31, 2021. Banks had witnessed a significant growth in gold loan business due to this special allowance. On the contrary, gold loan NBFCs are allowed an LTV exposure of 75%.

Gold auctions

Mannapuram Finance auctioned Rs 404 crore in the fourth quarter, which shot up to Rs 1,500 crore in the June quarter. The auctions happen when borrowers are unable to redeem their gold and the lenders auction it to recover their loans. Mannapuram had auctioned just Rs 8 crore worth of the yellow metal in the first three quarters of FY21.

Manappuram Finance sees business picking up in the second quarter of the fiscal with the gradual unlocking of the economy. It sees a slight decline in the portfolio in the first quarter before the pick-up.

The expansion

Muthoot FinCorp has expanded its physical network by more than 100 new branches, mainly in the north, east and west regions of India, most of which were in rural and semi-urban areas. The NBFC had opened 70 branches in FY20.

Muthoot’s gold asset under management (AUM) grew at a compound annual growth rate of 12% between FY15 and FY20. In FY21, the portfolio grew 27%.

Pune-based Bajaj Finance has increased its gold loan branches from 480 to 700 in the last financial year and plans to add 100 plus branches this fiscal.

Its loan book grew 52% last year to Rs 2,300 crore while it saw an increase in ticket sizes from Rs 75,000 to Rs 85,000 last year.

Bengaluru-based Rupeek Fintech Private Ltd’s disbursals grew 2.5 times during the calendar year 2020. It has added its presence in 17 more cities, from 10 at the end of 2019.

Shriram City Union Finance is also looking to ramp up its gold financing business this financial year, changing its strategy of focusing on other loan portfolios.



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Indel Money charts out digital hybrid expansion mode

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With expectations of continued high demand for gold loans, Indel Money has adopted a digital-focussed hybrid model for its expansion, under which it has planned to open over 200 brick and mortar branches across the country by 2023-24.

“The expansion drive will feature the proliferation of its digitally-enabled doorstep gold loan facility parallel to the traditional brick-and-mortar framework,” the South India-based NBFC said in a statement on Monday.

Indel Money is also in talks to divest up to 15 per cent, as it charts out a faster growth trajectory by entering new geographies this fiscal and an eventual listing.

Also read: Indel Money launches special gold loan scheme for vaccinated citizens

“Our target would be to raise around ₹400 crore capital within the next two to three years. We hope to finalise the investor by December,” said Umesh Mohanan, Executive Director and CEO, Indel Money, adding that the NBFC is looking for PE investors.

At present, Indel Money has 191 physical branches in the States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana and it aims to take the branch tally to 400 by 2023-24.

It also plans to open 50 branches in Odisha and Maharashtra in the fourth quarter of the fiscal and 45 branches in Gujarat and West Bengal in the first quarter of next fiscal.

To expand the doorstep gold loan facility which targets business owners and professionals looking for gold loans of ₹2 lakh and more, Indel Money will be following a hub and spoke model, ensuring superior service delivery, it further said.

Also read:Gold loan demand is expected to spike after lockdown: Indel Money CEO

The first pilot project of the doorstep gold loan facility has been successfully carried out in Bengaluru in January and the second phase of the pilot project will be underway in Hyderabad and Chennai in September.

“The hybrid model which combines both digitally-enabled doorstep gold loan and its hub in conventional brick and mortar format will help us penetrate major city markets like Mumbai, Ahmedabad, Patna, Chandigarh, Rajkot, Delhi, Lucknow. We are focusing more to set up branches in strategic locations capable of delivering more yields in terms of assets under management,” said Mohanan.

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Gold loan demand is expected to spike after lockdown: Indel Money CEO

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Pledging of household gold is expected to go up across states with the gradual easing of lockdown restrictions, according to Umesh Mohanan, Executive Director and CEO, Indel Money, a Mumbai-based NBFC.

He says that customers are strapped for cash to honour committed outflows. The virus has been deadly this time with rising infection rate, caseloads and number of deaths, forcing people to borrow more. All these have added to the financial woes of the common people, he adds. Edited excerpts of an interview:

What is the outlook on gold loan for the current fiscal? And what will drive the growth of gold loans?

The outlook for gold loan demand is positive and the demand will be fuelled by healthcare requirements, pandemic-driven uncertainty, the limitations of the banking sector to serve gold loan demand at the earlier pace due to decreased gold prices and end of 90 per cent LTV lending on last March 2021, apart from increased credit crunch due to the prevailing policies.

Our gold loan book has registered around 40 per cent growth in FY20-21. We expect around 50 per cent plus growth in FY21-22, thanks to our expanded geographical presence.

Has there been growth in the gold loan business in April and May of FY22 compared to the same period last year?

The branches in locations with reduced restrictions on movements have witnessed larger pent-up demand in comparison to last year. The industry has been growing at over 25 per cent. Gold loan demand is expected to spike after the lockdown and the post-lockdown demand growth is expected to surpass growth registered during the post lockdown period last year.

Also read: Borrowers to get option to repay a part of the Gold (Metal) Loan in physical gold

Recently, gold loan NBFCs auctioned record tonnage of pledged gold through auctions. Does this point to the growing credit risks for firms offering short-term loans?

Truly, at this point when cash flow is constrained for the common consumer, the facility to keep their gold live by remitting interest and continuing at their original LTV would be a better option than the short-term loans. The consumers have to settle interest along with principal within a short period of time, and correspondingly re-pledge at relatively lower LTV. This will result in huge cash outflow for the customer, in comparison with the longer-tenure schemes.

What are your plans for the company?

We are planning to explore various options such as capital injection by the group holding company, raising funds through public NCDs and PE/VC placement for our expansion. We have recently opened 25 branches across Andhra Pradesh and Telangana. We also have plans to enter Maharashtra and Gujarat with our conventional brick-and-mortar format by Q4 FY21-22. We are also planning to set up a support hub in all major cities to spread our doorstep gold loan facility which functions through the network of virtual branches.

We are planning to launch pre-paid cards. Our disbursals are fully automated because of our tie-ups with banks through our app. Existing customers can use our portal or mobile app to extend the exposure of the gold pledged with us on the basis of the prevailing LTV.

We will set up an automated process in which customers can manage the credit line according to their preferences. We are also planning to expand our online gold loan facility to take the branches to the homes of customers as the upper segments of MSMEs are not comfortable visit gold loan company branches during the gold appraisal process.

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Muthoot FinCorp rolls out Aatmanirbhar Mahila Gold Loan scheme for women

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Muthoot FinCorp has launched Aatmanirbhar Mahila Gold Loan – a unique and exclusive gold loan scheme for women. This is an extension of Muthoot FinCorp’s #RestartIndia Mission.

The AtmaNirbhar Mahila Gold Loan scheme was launched by actor Vidya Balan and the product offers maximum Loan to Gold value and lowest interest rate. This scheme is aimed at and is expected to be helpful to a large number of women who are currently dependent on local money lenders for their financial needs.

Muthoot FinCorp Shopping Dhamaka gets overwhelming response

Muthoot FinCorp employs more than 9,000 women staff across its 3,600+ branches all over the country. Women Muthootians, hence, felt the need to come out with a special scheme for the women of the country to make them self-reliant as they understood the problems of women better. The company has been able to positively transform more than 64 lakh women customers and every customer had a transformation story to share, a press release said.

ICRA upgrades long-term debt rating of Muthoot Finance to AA+

Vidya Balan said, “Empowering women has become the fundamental aim for all of us in not only helping them achieve their dreams but also transform and boost their entrepreneurial spirit. Women not only take on the responsibility of the house but also play a larger role in the economy and society. I am grateful to be supporting Muthoot Fincorp who has been a trailblazer in accelerating the financial inclusion of women that will positively impact the future”.

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