Muthoot Finance Ltd (MFL), which recently forayed into personal loan segment today said it aims to have Rs 3000 crore assets under management in it personal loan segment in the next five years.
Executive Director of Muthoot Finance, George M Alexander said the Kerala-based lender is looking at a target to disburse Rs 300 crore of personal loans during the current financial year.
Muthoot launched its personal loan products in Telangana and Andhra Pradesh, today.
"We have set a target to disburse Rs 300 crore of personal loans during the current financial year. In the current FY19, the company aims to offer the Personal Loan product in more than 20 cities of South India.
The company aims to build a portfolio ( assets under management) of Rs 3,000 crore over next five years by 2023," he said in a press conference.
Muthoot plans to leverage its existing customer base through branches and direct sales team thereby reaching out to more and more customers.
The company will focus equally on salaried individuals employed with SMEs as well as bigger corporates.
"We also have suitable products for those customers who do not have Cibil score," Alexander added.
Any salaried individual with stable employment and a monthly salary of Rs 20,000 or more in metro locations and Rs 10,000 or more in other towns can apply for a personal loan with MFL.
The rate of interest starts from 14 per cent onwards, the Muthoot Finance official said.
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