MUTHOOT FINANCE GIVING GOLD LOANS AT HOME AMIDST PANDEMIC
Presently, gold loans are accessible for numerous reasons and are lent on a short term basis. For example, a gold loan is now available for farmers who are engaged in agriculture; or any allied activities like dairy, poultry, fishery, piggery, sheep, etc.; or for funding farm machinery, or any land development for irrigation or horticulture, or transportation of agricultural produce from one place to another place; and for any other farming activities which are permitted as per the guidelines of NABARD, or the Reserve Bank of India or the Indian Government.
The value, purity and weight of the gold pledged by the borrower to any Bank or NBFC decides the quantum of loan offered, which will be the gold rate per gram, depending on purity levels of gold from 18 to 24 carats. Gold to be pledged against the gold loan can include bank gold coins of only 50 grams, but primarily gold bars are not allowed to be kept as security. The interest rate on the gold loan will be the one-year MCLR rate and a further 1.25% on the total amount, depending upon the current LTV or loan to value ratio. The loan amount is repaid back within a year from the date of disbursement of the gold loan by the lending institution.
The focused product offerings and customer centric operation of the NBFCs have attracted more repeat customers than the banks. This continues even after the LTV ratio was enhanced only for banks to 90%, and the NBFCs were only allowed to bestow 75% of the entire gold value as a gold loan. As a result, the gold loan schemes that were launched especially for individuals, small traders and MSMEs for a longer period of repayment time during the post pandemic phase gained a good response. India's number 1 most trusted financial services brand according to the brand trusted report for continuous five years, Muthoot Finance has evolved as India's biggest gold financing company in terms of the loan portfolio. Shri M. George Muthoot started the gold loan business in the year 1939, primarily for people who cannot access formal credit within a reasonable time. Muthoot Finance Rebel people to meet unanticipated short-term liquidity requirements.
Recently, Muthoot Finance has launched a Loan@home service facility for their customers to get Gold loans without visiting the bank branch physically. This loan scheme has facilitated many customers to monetise their gold ornaments sitting back at their homes. All required official digital checks, verification of customers' gold jewellery, creation of the loan, generation of loan documentation and finally, the disbursal of the loan amount to customers; all will be done at the customer's premises by the Muthoot Gold loan staff at the appointed date and time.
The loan at home app made by Muthoot Finance is an app based on digital service. Customers can easily apply for a gold loan through the dedicated Loan at home online mobile app and two web portals or by logging in online.muthootfinance.com. People who find this process difficult can also contact the Muthoot Finance call centre. Muthoot gold loan online quick payment has further served customers by quick and easy payment method. This online payment method has enabled many customers to make quick payments and save time by not visiting the branch physically and depositing the monthly loan EMI. The procedure followed by Muthoot Finance providing Loans at home is straightforward and hassle-free. When the home enquiry is completed and the loan gets accepted, a video-based KYC process is followed. The process is completed after the appointment for a visit by company executives is scheduled. During this pandemic, this scheme has been the most convenient gold loan option for most people, especially the aged ones.
Read More:- GOLD LOANS ARE MORE FAVOURED DUE TO ECONOMIC DISTRESS
