Muthoot Finance plans to expand Gold Loan@Home

Muthoot Finance Ltd announced it plans to expand their offering of Gold Loan@Home from 100+ locations to across 5,400+ pan-India branches. From being present in 100+ locations last year, Gold Loan@Home services are now being offered in all locations in South India and most of the major cities in North India. The plans are to further scale this service across all Muthoot Finance 5,400+ branches, it said in a press statement.

The service called Muthoot Finance Gold Loan@Home or Loan at Home was launched in 2020 during the pandemic to enable their customers who were looking to avail hassle-free gold loan of Rs 1 lakh and above from the comfort and privacy of their homes. Muthoot Finance had launched this fit-for-purpose innovation that would help the women borrowers, working class, self-employed and HNI customers to meet their financing requirements without stepping out of their homes.

The average ticket size of loans availed under Gold Loan@Home is Rs. 6.5 lakhs and currently, about 60-65 percent of these Loan@Home services are being availed by self-employed people to finance their business requirements.

Alexander George Muthoot – Joint Managing Director, Muthoot Finance said, “Looking at the changing customer trends, we are excited to scale up this service across all our 5400+ branches and expansion plans will also lead to further hiring of trained professionals. The company is also working towards re-launching gold-secured cards and wallets and other tailor-made solutions in the near future. Gold loan demand continues to be steady and as the economic activity gradually picks ups, we remain optimistic about tapping the huge untapped opportunity in gold loan sector.”