Nitstone Finserv, a Bengaluru-based NBFC FinTech is venturing into Gold Loans as a new product in its retail portfolio.
Leveraging highly on technology, this product would be aimed at providing instant loans to the underserved urban customer base including the new to credit customer segment. While the interest rates would be highly competitive to the other creditors, Nitstone would ensure maximum loan to the value of gold.
The Gold loans will be available in ticket size of Rs 5,000 to Rs 2,00,000 for tenure ranging from one to twelve months. The company will also offer differential interest rates to women, who wish to use the fund to start their own business.
The NBFC, which currently offers personal loan for travel, medical, consumer loans, etc., to individuals and students, aim to widen its offerings in the bouquet with the Gold Loan offer.
The unique features of Nitstone's Gold Loan include flexibility in repayment options including EMIs, repayment tenure as convenient to customers as well as top-up options.
"Since the launch of our operations in 2018, we have been receiving numerous inquiries for the gold loan as the demand for quick loans against pledge of Jewellery is high in the market. Our Gold loan product is being launched to fulfill our customers' demands and is aimed primarily at the urban underserved segment, which finds it difficult to deal with a bank or have received low valuations due to lack of credit history," said Govindankutty Edaden, Executive Vice President, Nitstone Finserv.
"Our customer-centric servicing would ensure a hassle-free experience for this segment of society," he added.
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