Gold loan market www.muthootfincorp.com
<ul><li>Ever wondered where did those cash-rich goldsmiths, who used to be so ready to furnish one with wads of notes agai...
<ul><li>Those goldsmiths of the past, who used to charge very high rates of interest, have been driven out of business by ...
<ul><li>And like elsewhere in the country, the small goldsmiths in Bengal too are shutting down what used to be their high...
<ul><li>Nandalal Dey, a jewellery store owner in central Kolkata who used to earn a lot from mortgage business, told TOI: ...
<ul><li>The risk is high and return is not good&quot;. &quot;Nowadays, many customers who pawn their gold ornaments defaul...
<ul><li>We are saddled with the gold for long periods and can't do anything with it in case the loanee returns. Keeping th...
<ul><li>The rate of interest charged by gold loan companies like Muthoot Finance is in tune of 12-24%. There are commercia...
<ul><li>Lakshmi Narayan Auddy of S.K Auddy & Sons on S.N. Banerjee Road said the traditional goldsmiths echoed Dey. &quot;...
<ul><li>And anyway, middle class families nowadays do not possess much gold jewellery,&quot; Auddy told TOI.  </li></ul>
<ul><li>Most goldsmiths who hold licenses to mortgage jewellery are no longer interested in this line of business, he said...
<ul><li>The chain of 'Lakshmi Babu' jewellery stores in Bhawanipore, whose primary business was giving loans against mortg...
<ul><li>These jewellers blame organized market players like Muthoot Finance and Manappuram Finance, which opened shop in S...
<ul><li>But what they don't say is that against the astronomical rate of interest charged by jewellery shop owners—3-4% pe...
<ul><li>Muthoot, which forayed into the state in 2006, now has 50 branches in the city itself apart from 135 branches in B...
<ul><li>It contributes to around 5% of our countrywide business, and is expected to grow to 10% over the next five years,&...
<ul><li>Manappuram managing director I Unnikrishnan said: &quot;We have around 50 branches in and around Kolkata and this ...
<ul><li>Pankaj Parekh, eastern region chairman of Gems & Jewelry Exports Promotional Council, said the entry of organized ...
<ul><li>Unlike the goldsmiths, these organized players are accessible to everyone, from the big businessman to a fish vend...
Contact Us <ul><li>www.muthootfincorp.com </li></ul>
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Gold loan market | auto loans| business loans| gold coins| gold investment| gold loan| gold loan interest rate| gold loans| hassle free loans| instant money transfer| jewellery loans| quick car loans| quick loans| vehicle loan

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Gold Loan - Muthoot Fincorp Limited, mainly focuses on Non-Banking Financial services sector such as Gold Loan, Auto Loans, Business Loans etc.

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Gold loan market | auto loans| business loans| gold coins| gold investment| gold loan| gold loan interest rate| gold loans| hassle free loans| instant money transfer| jewellery loans| quick car loans| quick loans| vehicle loan

  1. 1. Gold loan market www.muthootfincorp.com
  2. 2. <ul><li>Ever wondered where did those cash-rich goldsmiths, who used to be so ready to furnish one with wads of notes against gold ornaments as we saw it in old Bollywood movies, go? </li></ul>
  3. 3. <ul><li>Those goldsmiths of the past, who used to charge very high rates of interest, have been driven out of business by organized gold loan players and banks offering gold loans. </li></ul>
  4. 4. <ul><li>And like elsewhere in the country, the small goldsmiths in Bengal too are shutting down what used to be their highly profitable mortgage businesses. </li></ul>
  5. 5. <ul><li>Nandalal Dey, a jewellery store owner in central Kolkata who used to earn a lot from mortgage business, told TOI: &quot;Now we do not give loans against mortgaged gold. </li></ul>
  6. 6. <ul><li>The risk is high and return is not good&quot;. &quot;Nowadays, many customers who pawn their gold ornaments default on repayment and even disappear. </li></ul>
  7. 7. <ul><li>We are saddled with the gold for long periods and can't do anything with it in case the loanee returns. Keeping the gold ornaments for such long periods is also a headache for us,&quot; he added. </li></ul>
  8. 8. <ul><li>The rate of interest charged by gold loan companies like Muthoot Finance is in tune of 12-24%. There are commercial banks, which are also present in this arena like HDFC Bank charges 14% per annum on an average and city-based public sector bank Allahabad Bank charges between 11.50%-14.75%. </li></ul>
  9. 9. <ul><li>Lakshmi Narayan Auddy of S.K Auddy & Sons on S.N. Banerjee Road said the traditional goldsmiths echoed Dey. &quot;We don't lend money against gold jewellery unless we know the customer really well. </li></ul>
  10. 10. <ul><li>And anyway, middle class families nowadays do not possess much gold jewellery,&quot; Auddy told TOI. </li></ul>
  11. 11. <ul><li>Most goldsmiths who hold licenses to mortgage jewellery are no longer interested in this line of business, he said, adding that loans are easily available from banks and other institutions against security like gold jewellery. </li></ul>
  12. 12. <ul><li>The chain of 'Lakshmi Babu' jewellery stores in Bhawanipore, whose primary business was giving loans against mortgaged gold, no longer does. </li></ul>
  13. 13. <ul><li>These jewellers blame organized market players like Muthoot Finance and Manappuram Finance, which opened shop in South India before spreading wings to other parts of the country, for the loss of what used to be a very profitable business </li></ul>
  14. 14. <ul><li>But what they don't say is that against the astronomical rate of interest charged by jewellery shop owners—3-4% per month or 36-48% per annum -- Muthoot's or Manappuram's annual rates of interest are 12-24%, depending on the quality and amount of gold mortgaged. </li></ul>
  15. 15. <ul><li>Muthoot, which forayed into the state in 2006, now has 50 branches in the city itself apart from 135 branches in Bengal and Bihar. &quot;Bengal is a large untapped market with huge potential. </li></ul>
  16. 16. <ul><li>It contributes to around 5% of our countrywide business, and is expected to grow to 10% over the next five years,&quot; George Alexander Muthoot, managing director, Muthoot Group told TOI. </li></ul>
  17. 17. <ul><li>Manappuram managing director I Unnikrishnan said: &quot;We have around 50 branches in and around Kolkata and this region has tremendous potential. We are growing very fast and expect to grow 50% year-on-year in the next 5 years.&quot; </li></ul>
  18. 18. <ul><li>Pankaj Parekh, eastern region chairman of Gems & Jewelry Exports Promotional Council, said the entry of organized players have ended the blatant exploitation of hapless people by the unscrupulous goldsmiths. </li></ul>
  19. 19. <ul><li>Unlike the goldsmiths, these organized players are accessible to everyone, from the big businessman to a fish vendor. </li></ul>
  20. 20. Contact Us <ul><li>www.muthootfincorp.com </li></ul>

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