Muthoot Finance launches loan scheme targeting SMEs

Gold finance company Muthoot Finance today launched a new loan scheme targeted at Small and Medium Enterprises (SME) for their working capital requirements.
Company Executive Director George Muthoot Alexander said gold loans above Rs 10 lakh would be provided at an interest rate of 12 per cent per annum.
"The new gold loan scheme is a unique offer, which will benefit all sections of clientele. The company expects togrow its customer base in this high ticket loan category fromthe current 4 per cent to 10 per cent by June 2018," he said.
The loan would be available through all 4,200 branches, including 487 in Karnataka, Alexander said.

He said the company gets 12 per cent business from Karnataka alone and added that with big ticket loans, business in the state would go up.
He claimed that Muthoot Finance is known for disbursing loans at a fast pace.
"In the event of quick need for money, you can get loan in 10 to 15 minutes," Alexander added.