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Muthoottu Mini Financiers launches new gold loan scheme at 6.5% interest

In an industry-first initiative, Muthoottu Mini Financiers Limited's 'Super Offer' will come with an interest rate of 6.5%. 

Muthoottu Mini Financiers launches new gold loan scheme at 6.5% interest VPN
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Kochi, First Published Oct 5, 2021, 1:36 PM IST
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Muthoottu Mini Financiers Limited, one of the largest Non-Banking Financial Companies (NBFC) in the country, has announced the launch of its new gold loan scheme.

In an industry-first initiative, Muthoottu Mini Financiers Limited's 'Super Offer' will come with an interest rate of 6.5%. 

The launch is part of Muthoottu Mini's plans to enable their customers to achieve their financial goals by getting the maximum loan amount on their gold at the best rate without any hidden charges.

Asserting that customers were the cornerstone of all initiatives by the firm, Mathew Muthoottu, Managing Director of Muthoottu Mini Financiers Ltd, said that the new scheme has been launched considering the growing demand for gold loans accentuated by the Coronavirus pandemic and the economic uncertainties. 

The new scheme will enable customers to secure loans at the lowest rate in the industry, he added.

Muthoottu Mini has 3000 employees in over 800 branches across 10 states and 1 Union Territory. The Assets Under Management grew 18 per cent, interest income at 17.50 per cent while Profit Before Tax grew by 65 per cent during FY 20-21. 

Muthoottu Mini raised Rs 700 crore through listed public Non-Convertible Debenture issues after has added four more lending banks, taking the tally up to 10 banks and in the process.

Recently, Muthoottu Mini Financiers Ltd's 15th issue of non-convertible debentures was oversubscribed to the tune of Rs 108 crore. The 15th issue had a base issue size of Rs 125 crore with an option to retain over-subscription. 

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