Goldplus, a mass-market jewellery brand of Titan Industries, on Thursday tied up with Kerala-based Muthoot Finance to offer a new scheme — Swarna Samridhi — in the Andhra Pradesh market.
“Under the scheme, customers have to pay 20 per cent of the actual price during purchase and the remaining is to be paid through installments to Muthoot Finance,” said R Venkateswaran, zonal manager, Muthoot Finance Limited, said.
The scheme was launched in Tamil Nadu last month. It facilitates two models — one where customers can directly purchase jewellery by taking loans from Muthoot and in the other, they can avail of loan to buy new jewellery by pledging their old jewellery.
The installments can be paid between 12 and 24 months, with an 11.5 per cent interest rate. Customers will be given a 30-day interest-free period to repay the loan amount.
The company is planning to add four stores in Andhra Pradesh at Tirupati, Kadapa, Nizamabad and Khammam. It now has seven stores in the state. “Our major focus is to reach smaller towns and each districts of our covered states. We have major expansion plans lined up for Maharashtra and Karnataka,” said Kumar.
