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Kerala-based Muthoot Fincorp said it will focus on SME segment as well as retail customers in Telangana for its gold loan products.
The average ticket size of gold loan is about Rs 35,000 and the loan is disbursed in about 10 to 12 minutes. The MSME loan amount varied from Rs 15,000 to Rs 3 lakh, according to Vasudevan Ramaswami, Chief Operating Officer, Muthoot Fincorp Limited.
The company expects to maintain similar growth (of about 16 per cent) as last year during the current financial year in its assets under management (AUM), which now stands at about Rs 12,300 crore.
It disbursed about Rs 27,000 crore last fiscal with over 90 per cent of it going towards gold loan he said.
Muthoot Fincorp has over 3,600 branches in India and about 70 per cent of them are in southern markets.
It has 265 branches in Telangana and 317 in Andhra Pradesh and will now expand in the region subject to approvals, he said adding that it has plans for opening another 60-plus branches in Telangana and AP. In these two States, the company has registered AUM growth of 18.6 per cent in the current year (YTD) as compared to last year, he added.
In September 2019, Muthoot Fincorp issued non-convertible debentures (NCDs) to raise Rs 500 crore (including Rs 250 crore greenshoe option).
The funds raised would primarily be used as working capital to enhance lending, he said.
It has about 19 lakh customers across the country.
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: