Bangalore News Network
Advertise With BNN
About Us
Bangalore News Network
Karnataka Elections 2018
Industry & Commerce
Social Service
Fashion & Entertainment
Other News
Trending News
List All News
Request News Coverage

Muthoot Finance launches new loan scheme for SMEs

Muthoot Finance, the leading gold financing company, has launched a new loan scheme targeted to small and medium enterprises for their working capital requirements. Under the scheme, Muthoot Finance will disburse gold loans above Rs 10 Lakh at an interest rate of 12% per annum which is very attractive as compared to prevailing interest rate offered by banks (approximately 14-15%)
Bangalore | Written by: BNN Team | Updated: 28-11-2017 | Views: 426
Fashion & Entertainment - The Phoenix Festival is back! Bigger, better ...
Others - ‘Save Shikharji Campaign’ launched nationall ...
Launches - Launch of 7th SPAR Hypermarket at at RM ...

Mr. George Muthoot Alexander, Executive Director, Muthoot Finance said, “We are delighted to announce the new gold loan scheme. This is a unique offer, which will benefit all sections of clientele. The company expects to grow its customer base in this high ticket loan category from currently 4% to 10% by Q1FY2019 (June 2018). This loan will be now available through all 4200 branches, including the 487 branches in Karnataka.”
The Muthoot Group has 18 diversified divisions and 4500 plus branches with global presence. Over 2,53,000 customers visit The Muthoot Group branches every day. The story of The Muthoot Group is built on the foundations of passion, commitment, honesty, traditions and values.
Muthoot Finance Ltd, the flagship company of The Muthoot Group was founded in 1939, by Shri M. George Muthoot. The company today is India’s largest and the world’s biggest gold loan company. With a holding of 146 tonnes of gold, Muthoot Finance is also one of the companies to hold the largest gold reserves in the country.

Muthoot Finance has 487 branches in Karnataka which are administered through 9 regional offices. Bangalore has the highest number of 250 branches. As of today, the group has generated employment to 2,614 people in the state. AUM (Assets under Management) in Karnataka is Rs. 3,365 crore in H1FY18. The company till date has served the total customer base of 11,80,374. Muthoot branches witnesses average walk – ins of 18,963 customers daily.  Every day our branches disbursed 6,262 gold loans.  The average value of gold loan is Rs. 35,000 and the company disburses Rs. 21.91 crore everyday in the state.
Through transparent, fully automated system and procedure, Muthoot Finance has become the preferred choice of a variety of customers be it farmers, entrepreneurs, traders, businessmen or housewives. Muthoot Gold Loans has revolutionized the concept of retail gold loan in the country. People from all walks of life have realized that gold can be released from its idle state in the house lockers to create more opportunities and fuel economic growth.
The company is continuously focusing on diversifying the overall investment products. During FY17, Muthoot Finance acquired 64.60% in equity share capital of Belstar Investment and Finance Private Limited (BIFPL), an RBI registered micro finance NBFC. Its loan portfolio grew by 114% at Rs. 567crore in FY17 with profit after tax of Rs.10 crore as against PAT of Rs.6 crore. 
The company also acquired 100% stake in Muthoot Insurance Brokers Pvt Limited, an IRDA registered Direct Broker in insurance products. It generated a first year premium collection amounting to Rs. 70 crore during FY17 as against Rs. 48 crore during previous year.

For More Information Contact :

Ms Rolly Agarwal / E-Mail :

About Us
Advertise With Us
Feedback / Contact Us
Industry & Commerce
Fashion & Entertainment
Copyright Policy
Terms of Use
Privacy Policy
Bangalore News Network
Send Your Feedback Here
Copyright © 2003 Bangalore News Network.
Software by Probiz IT & ITES