IIFL eyes smaller businesses to drive gold loan portfolio

Reaches out to local kirana shops, street vendors and grocery retailers, adds 100,000 new customers

Gold loan companies are looking at new growth avenues as they find conventional markets stagnating. They now see untapped business potential in self-employed personnel including kirana shops and street vendors to expand their business and accelerate growth.

Equity broker and private lender India Infoline Finance Ltd (IIFL) has started tapping local kirana shop owners, street vendors and grocery retailers with its gold loan business.

In a short span, IIFL has added nearly 100,000 customers in this category to its total base of 1.7 million customers across tier-I, II and III cities for their short-term financial needs. IIFL also lends against gold jewellery