Muthoot Fincorp aims to double share of non-gold loan portfolio
The Hindu
Muthoot FinCorp Ltd aims to double non-gold loan growth, expand services, and open new branches for financial services.
Non-Banking Financial Company Muthoot FinCorp Ltd (MFL) the flagship company of Muthoot Pappachan Group, is planning to double the growth of non-gold loan portfolio in the next two-three years through a diversified portfolio mix, said a top official.
“Currently, gold loan portfolio consists of 90% of revenue and non-gold loan portfolio about 10%. In the next two to three years, we want that to be 20%,” CEO Shaji Varghese told The Hindu.
“This does not mean that our gold loan portfolio revenue will come down. At the same time, the revenue of non-gold loan portfolio is rising from a small base. The needs of lower and mid-class consumers are expanding. We are also strengthening our offerings to provide full stack financial services,” he said.
MFL current portfolio consists of gold loan (the flagship product), loan against property (started some 2.6 years ago) and small business loans (about a year ago), auto loan, forex, money transfer and wealth management services.
Besides, MFL launched QR code based digital MSME loans through MFL One platform and disbursed over ₹500 crore. It is an unsecured loan given to shopkeepers for a shorter duration.
Following the successful completion of pilot run of retail mortgages, MFL is planning to roll out Secured Unsecured Lending Business nationally. Supply Chain Financing was launched during March.
“MFL received licenses from the RBI to open 200 branches. Most of the branches have been opened in the North. We will be again approaching the regulator to open another 200 branches. Probably, these branches will come in UP, Bihar and Rajasthan,” he said.
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