Muthoot Finance plans to expand Gold Loan@Home services

From being present in 100+ locations last year, Gold Loan@Home services are now being offered in all locations in South India and most of the major cities in North India, the plans are to further scale this service across all Muthoot Finance 5400+ branches, the company said. 

The service called Muthoot Finance Gold Loan@Home or Loan at Home was launched in 2020 during the pandemic to enable customers who were looking to avail of hassle-free gold loans of Rs 1 lakh & above from the comfort and privacy of their homes.

Muthoot Finance had launched this fit-for-purpose innovation that would help the women borrowers, working-class, self-employed, and HNI customers to meet their financing requirements without stepping out of their homes.

The average ticket size of loans availed under Gold Loan@Home is Rs. 6.5 lakhs and currently, about 60-65% of these Loan@Home services are being availed by self-employed people to finance their business requirements.

Unlike other Direct Selling Agents (DSA) Service Providers present in the industry, Muthoot Finance Loan@Home has an unparalleled track record and a family business legacy of 800 years.

The company is a category leader in the Gold Loan space amongst NBFCs serving more than 2.5 Lakh customers each day and with over 72 Crore customers in total including repeat customers. 

Customers can avail of the following benefits when availing of the Gold Loan@Home service:

Customers can call toll-free number ‘1800 102 1212’, to get a trained team of professionals from Muthoot Finance visit them to check the purity of the gold and disburse the loan amount there and then. 

Transparent and Hassle-free process: For Muthoot Finance, customer’s gold is of utmost importance and hence they only send their trained staffed and not any other agent or franchisee representatives to their customer’s home for collecting their gold and disbursing the loan.

The gold pledged by the consumers is packed in a very secured manner and is taken only to a Muthoot Finance branch and not to the branch of any other partnering financial entity – thus the process is transparent and the customer has full knowledge of where their gold is safely kept.

Security and Free Insurance: The gold handed over by the customer is secured by way of a free Insurance and in addition to that, every Muthoot Finance branch is protected by a 7-layer, state-of-the-art safety and security infrastructure to ensure customer’s gold is absolutely safe and secure in their insured lockers.

Convenience: Further, for future interest payments or top-up loans or to check balances, Muthoot Finance’s Loan@Home Mobile App (available both for iOS and Android devices), provides complete 24x7 control in the customer’s own hands. 

Additionally, several payment options are available to remit the interest amount, including platforms like Paytm, Google Pay and PhonePe. Muthoot Chatbot and a dedicated WhatsApp Business channel is also available with responses to frequently asked questions.

Speaking about Gold Loan@Home service Alexander George Muthoot – Joint Managing Director, Muthoot Finance said,  "Customer preferences are changing and customers, including the working class and HNIs want to avail a gold loan from the comfort, safety and privacy of their homes."

Looking at the changing customer trends, we are excited to scale up this service across all our 5400+ branches and expansion plans will also lead to further hiring of trained professionals, he said.

"The company is also working towards re-launching gold-secured cards and wallets and other tailor-made solutions in the near future. Gold loan demand continues to be steady and as the economic activity gradually picks ups, we remain optimistic about tapping the huge untapped opportunity in gold loan sector,” Alexander George Muthoot said.

He further added, “As a leader in this space, we continue to focus on creating a strong digital ecosystem through newer digital disbursement options and new-age repayment options including a robust mobile application, Muthoot Chatbot and Muthoot WhatsApp Business etc.

"The trust that Muthoot Finance has earned over a long period of time by making a difference to the lives of common men and women is immense. Therefore, with these smart, modern and technology enabled services, our focus continues to create a strong Muthoot Ecosystem of products, services and compelling offerings that places customers at the center of everything.”