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Muthoot Finance is set to disburse Rs 300 cr personal loans in financial year 2018-19

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Muthoot Finance is set to disburse Rs 300 cr personal loans in financial year 2018-19 1
Kerala-based Muthoot Finance has set a goal to disburse Rs 300 crore personal loans in the course of the present financial year, a high firm official mentioned at the moment.

The corporate, which had earlier provided gold loans introduced its foray into the personal loan class aimed toward serving salaried people.

“We have noticed lot of gold loan customers have the potential to be given a personal loan. This is purely for salaried individuals. We have seen the potential and have already started offering it in Kerala and Karnataka,” Muthoot Finance, Govt Director, George M Alexander mentioned.

The corporate, has to date disbursedpersonal loans price Rs 50 crore since its foray into the personal loan class.

“We are launching today in Tamil Nadu. We will be entering Telangana and Andhra Pradesh very soon. By then we would have covered Southern States. We want to touch Rs 300 crore (personal loans) by end of the (financial) year,” he informed PTI.

“The company has set a target of disbursing Rs 3,000 crore by FY 2023. That is the plan,” he mentioned.

Stating that the corporate would take a look at disbursing loans to prospects who’ve been ignored by banks and different non-banking finance establishments, he mentioned, “the reason why we are looking at such customers is that there is huge potential to serve.”

“Keeping in mind that today good number of customers are getting salaries in bank account, good number of customers have auto-debit facility and good credit rating, all of this gives us a comfort to offer this product,” he mentioned.

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The minimal ticket measurement for people underneath personal loan class is Rs one lakh whereas most it is going to be Rs 10 lakh.

For non-metros, the minimal will probably be Rs 50,000 and most will probably be Rs 10 lakh.

Responding to a question, he mentioned, the corporate was additionally planning to provide loans to people who’re ‘self-employed.’

“Currently, we want to stabilise this portfolio. May be after 24 months we will look at offering this product to self-employed,” he mentioned.

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