Mahindra & Mahindra Finance Services Limited (MMFSL), the financial services arm of the Mahindra group, on Thursday launched its new loan against gold product in Kerala. The product has been specifically designed to provide liquidity against gold ornaments without selling them.
The company also inaugurated its first-ever loan against gold branch at Thodupuzha in Idukki district. The branch will exclusively provide retail loan against gold ornaments to customers.
Addressing a press conference here today, Uday Phadke, vice chairman, MMFSL, said India was the largest market for gold in the world and consequently, the growth potential of the gold loan industry was tremendous. To tap the potential, the company would offer an array of loan products including secured small ticket loans, need-based loans and loans against pledge of gold jewellery.
The scheme not only presents existing customers with an additional credit alternative but will also reach out to new customers as Mahindra Finance extends its reach to semi-urban/rural areas of the country, he added.
