Muthoot FinCorp introduces new gold loan offering – Vyapar Vikas – to empower trader community

New Delhi, July 29, 2024: In its continuous effort to uplift the trader community, Muthoot FinCorp Limited, the flagship Company of 137-year-old business conglomerate Muthoot Pappachan Group (Muthoot Blue), has introduced a new scheme – Vyapar Vikas Gold Loan. This innovative offering is designed to meet the evolving financial needs of traders, providing them with unparalleled flexibility and value.

Traders can leverage their gold jewellery to obtain maximum loan value, providing them with the necessary funds to support and expand their businesses. The scheme offers ample flexibility of tenor – from 7 days to 12 months, giving traders to decide based one’s customised requirements.

The Vyapar Vikas Gold Loan stands out with its easy daily repayment option, in line with the cash flow of traders enabling daily reducing interest rate where in traders have to pay the interest only for the number of days and amount used. The loan scheme combined with an attractive interest rate makes an appealing choice for traders seeking financial flexibility, as there are no prepayment charges and offers flexibility in credit history (CIBIL criteria). The loan interest is calculated on a diminishing balance basis, ensuring that borrowers only pay interest on the outstanding amount, further reducing the financial burden.

Mr. Shaji Varghese, CEO of Muthoot FinCorp said, “We are excited to introduce the Vyapar Vikas Gold Loan, a product designed to cater to the specific needs of traders, especially those running micro and small businesses. At Muthoot FinCorp, we recognize the dynamic nature of trade and the crucial role of cash flow management. This scheme provides traders with the flexibility, convenience, and financial support they need to grow their businesses. With features like easy daily repayment options, no prepayment charges, interest is levied only for the outstanding and for the days availed, attractive interest rates, and digital repayment facilities, we are committed to empowering traders across India to achieve their business goals.”

Vyapar Vikas Gold Loan facilitates digital repayments through the Muthoot FinCorp One mobile app, eliminating the need for traders to visit branches for repayment. Moreover, the 24X7 express top-up facility through SMS or the app ensures that traders can access additional funds whenever required, without the hassle of branch visits. This round-the-clock feature underscores Muthoot FinCorp’s commitment to offering seamless and efficient financial services.

Muthoot FinCorp’s Vyapar Vikas Gold Loan is a testament to the company’s dedication to financial inclusion and support for the trading community.