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The lenders across India despite finance ministry’s nudge to increase credit offtake are turning away prospective loan borrowers, but gold companies are attending to them. And so many SMBs are taking on to their family owned gold that in such distressed times are proving to be a powerful collateral.
So, with a record surge in gold loan application, the asset base also of these companies has increased massively.
“Higher gold prices have helped borrowers get maximum value for their gold,” said John Muthoot, chairman and managing director, Muthoot FinCorp. As unsecured loans dried up post-lockdown and during the moratorium, borrowers moved to gold loans, he added.
Muthoot FinCorp in the last 3 months has disbursed a total of Rs. 9000 crore to as many as 20 lakh customers who are primarily from rural and semi-urban businesses.
Also, for working capital loan some of the banks are even considering gold as a collateral.
George Alexander Muthoot, managing director, Muthoot Finance said, “We expect to achieve 15% loan growth target set for this fiscal before Covid-19. We are asking customers to map bank accounts with us, which mitigates business threats that may arise out of extended lockdown.”
Umesh Mohanan, chief executive, Indel Money, said, “Cash flows in local markets reduced due to the pandemic, triggering higher demand for gold loans.” The Kerala-based company rolled out the country’s first long-term gold loan scheme, with a two-year tenure.
It has been brought to our notice that certain individuals are receiving fraudulent emails, phone calls, and messages, etc, about job vacancies with Muthoot FinCorp and they are also being asked to deposit money in certain bank accounts.
Please be informed that such communications and practices are completely mala fide and sent with an intent to defraud the public and bring disrepute to the goodwill of our Company. Our Company does not ever demand any fee/money against recruitment nor for the application/interview process.
The public at large is hereby cautioned not to be misled by any such communications received through emails, message or any other communication mode.
Please contact us for further information about the genuineness or otherwise of such communications at: