Muthoottu Mini Financiers launches a new gold loan program at an interest rate of 6.5%
Update: Sep 26, 2021 8:59 AM STI
Kochi (Kerala) [India], September 26 (ANI / ATK): As part of a first industry initiative, Muthoottu Mini Financiers Ltd, one of India’s largest non-bank financial corporations (NBFCs), announced the launch of its new gold loan – “Super Offer” at an interest rate of 6.5%.
The launch is in line with Muthoottu Mini’s plan to enable customers to take advantage of the maximum gold loan amount at the best rate with no hidden charges to achieve their financial goals.
Speaking at the launch, Mathew Muthoottu, Managing Director of Muthoottu Mini Financiers Ltd, said: âAt Muthoottu Mini we are committed to customers and they are the cornerstone of all of our initiatives. The Super Offer initiative. The initiative was launched with the growing demand for gold loans fueled by the pandemic and uncertainties in mind. This initiative will allow our clients to benefit from loans at the lowest rate in the industry. “
Muthoottu Mini currently has 8 area offices and over 800 branch offices in 10 states and 1 Union Territory covering all of India with over 3000 employees. Assets under management (AUM) grew at a rate of 18 percent, interest income at 17.50 percent while profit before tax (PBT) grew by 65 percent in fiscal year 20 -21. Muthoottu Mini added 4 additional loan banks, bringing the jackpot to 10 banks and raised 700 crore through listed public issues of non-convertible debentures (NCDs).
Recently, Muthoottu Mini Financiers Ltd’s 15th non-convertible debenture (NCD) issue was oversubscribed by Rs 108 crore. The 15th issue had a base size of Rs 125 crore with an option to keep the over-subscription. The NCD with a triple B Plus: Stable rating by the credit rating agency Care Ratings, is listed on the ESB. The NCD show had various options for subscription with a coupon rate ranging from 8.75 percent to 10 percent pa
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