Muthoot Finance has plans to start gold loans business in UK. For this the company has approached banking regulators in the UK, officials of Muthoot Group said.
It is a major non-banking finance player in India having more than 1,700 branches and 60 tonne of gold in its custody. Muthoot Group managing director George Alexander Muthoot informed, “There is a large NRI population in the UK and we see potential in Europe for gold loans even from foreigners. We have opened an office in London and will start operations as soon as we get approval."
The group is offering remittance services in US and Dubai. Recently in Dubai, group has launched a new company, Muthoot Exchange, has been launched to handle the service. He added, "We are handling one lakh units worth Rs 250 crore of remittance annually and expect it to increase substantially with the US operation."
Firm 90% of revenue comes from gold loans, and it is aiming to do business of Rs 14,800 crore from gold loans and Rs 5,100 crore from gold bonds this fiscal. During 2009 fiscal company achieved a recorded growth of 119% through distribution of gold loans. During the fiscal company achieved revenue of Rs 7,401 crore by lending gold and earned Rs 3,102 crore from gold bonds. The firm is planning to open 1,075 new branches this fiscal out of which 575 will be opened in South India and 500 in the North. The group also has interests in financial and commodity broking, IT, power generation, media, healthcare, education, infrastructure, plantations and hospitality.
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Gold loans have also began discovering good space as as opposed to other financial financial loans particularly in the non-urban swarmed places, not only because of the deficit of other financial commitment methods but also because of the social principles which it provides.
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Muthoot Finance is the most leading company in India. They offer cheap interest rates on gold loan. They provide gold loan on instant basis.
I agree with Ramneek Kaur. Muthoot Finane Gold Loan offer the cash at reasonable rate of interest. One can acquire cash within 5 minutes.
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