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Mumbai: Growing economic uncertainty due to the pandemic has led to a surge in demand for gold loans, with some lenders witnessing up to 30% growth in amounts disbursed. While a large portion of borrowers continue to avail these loans to tide over immediate cash shortage, many lenders are moving away from unsecured credit to gold loans, which provide adequate risk cover against any future default, according to industry experts.
John Muthoot, chairman, Muthoot Pappachan Group, said the drying up of unsecured loans post-lockdown and the moratorium period has pushed borrowers towards gold loans. “While owning gold has always been a boon, the higher prices during this period have helped borrowers get maximum value for their gold. Muthoot FinCorp has disbursed about ₹9,000 crore from April-June, an increase of 30%, from the previous year to almost 2 million customers,” said Muthoot. Muthoot FinCorp is one of the non-bank financiers of the Pappachan Group.
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: