Muthoot Finance, world’s largest global financing company is taking a huge step to financially aid people. The Kerala based company has set up a target of whooping Rs.300 crore to be distributed as personal loans during the current financial year.
The company previously offered only gold loans but has recently declared that personal loans will be given as well to serving salaried individuals. Executive Director George M Alexander said that many gold loan customers have the eligibility to be given personal loans.
Keeping this in mind, they have devised this new scheme not only to benefit people but also to take the company to a new zenith. It has to be noted, however, this loan is only for salaried individuals whom the company deems fit. Their goals are very clear cut. The scheme will be launched in Tamil Nadu first.
Soon enough, Telengana and Andhra Pradesh will be covered. The goal is to cover all the Southern States and touch the mark of Rs. 300 crore personal loans by the end of this financial year. In the long run, a mark of Rs. 3000 crore has been set which is to be disbursed by the end of financial year 2023.
The primary candidates will be those who have been denied by banks and other non banking institutions, as they hold a great potential for Muthoot Finance. The minimum ticket size for people under personal loan category will be Rs.1 lakh and the maximum limit is Rs. 10 lakh. The Director also said that they are planning to extend this to the self-employed in the future.