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Wednesday, March 12, 2014

Muthoot Fincorp to offer gold loans at lower rate to women

Gold lender Muthoot Fincorp said it will be offering a two percentage point discount to women borrowers for loans under Rs 50,000 for a limited period in view of International Women’s Day.

Women will be able to borrow at 12 per cent for loans up to a tenor of 1 year under Rs 50,000, it said in a statement.

A company spokesperson added that it otherwise charges a rate of 14 per cent for loans under Rs 50,000, which can go up to 22 per cent for loans above Rs 3 lakh.

The current scheme is available only till March 15 across the company’s 3,829 branches, the statement said.

Women will get a loan to value ratio of up to 71 per cent, the company added.

Under the gold loan scheme, a borrower keeps gold as a security for raising money from a financier.

The gold is given back to the customer after repayment or sold if the borrower falters on repayment.

Source: The Hindu Businessline


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