Muthoottu Mini Financiers Launches New Gold Loan Scheme at 6.5% Interest Rate

KOCHI:
In an industry first initiative, Muthoottu Mini Financiers Ltd, one of the largest Non-Banking Financial Companies (NBFC) in India, announced the launch of their new Gold Loan scheme – ‘Super Offer’ at an interest rate of 6.5%.

The launch is in-line with Muthoottu Mini’s plan to empower the customer to avail maximum loan amount on gold at the best rate with no hidden charges to achieve their financial goals.

Speaking on the launch Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd said, “We at Muthoottu Mini are committed to the customers and they are the cornerstone of all our initiatives. It is our endeavour to strengthen and serve our customers better through the ‘Super Offer’ initiative. The initiative has been launched keeping in mind the growing demand for gold loans fuelled by the pandemic and the uncertainties. This initiative will enable our customers to avail loans at the lowest rate in the industry”.

Recently the 15th issue of non-convertible debentures (NCDs) of Muthoottu Mini Financiers Ltd 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. The NCD with a triple B Plus: Stable rating by leading credit rating agency Care Ratings, is listed on the BSE. The NCD Issue had various options for the subscription with coupon rate ranging from 8.75% – 10% p.a. Muthoottu Mini currently has 8 Zonal offices and 800+ branches across 10 states, and 1 Union Territory spanning across India with over 3000+ employees. The Assets Under Management (AUM) grew at a rate of 18 percent, interest income at 17.50 percent while Profit Before Tax (PBT) went up by 65 percent during FY 20-21. Muthoottu Mini added 4 more lending banks taking the kitty to 10 banks and raised 700 Crore through listed public Non-Convertible Debenture (NCDs) issues.