Mahindra Finance launches loan against Gold

The company also inaugurated its first ever Loan against Gold branch in Thodupuzha. This branch will exclusively retail Loan against Gold schemes to customers.

"We are delighted to present our consumers in Kerala with the new Loan against Gold scheme which is part of our customer centric approach to business and our endeavour to expand our footprint in the financial services sphere. This facility is ideal for meeting contingency requirements of customers and effectively harnesses the potential of gold, transforming it into a productive asset. With its strong reputation for ethical governance practices and credible brand Image, Mahindra Finance is confident of winning the customer's trust and playing a leading role in shaping this industry," said Mr. Uday Phadke, Vice Chairman, Mahindra & Mahindra Financial Services Ltd.

"India is the largest market for gold in the world and consequently, the growth potential of the gold loan industry in India is tremendous. We are aware that customers borrow against gold to meet exigency expenses, be it for education, medical or any other such requirements and hence service with speed is essential. Mahindra Finance has the requisite people and processes to meet such service standards. We will offer our customers an array of loans including secured small ticket loans, need based loans and loans against pledge of gold jewellery," said Mr. Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd.

Kerala presents strong potential for the Loan against Gold scheme as the state records the highest number for remittance of funds from overseas, especially the Middle East. However, the consequences of the global economic slowdown also reached the Middle Eastern market, affecting remittances. Hence, a scheme such as Loan against Gold is the need of the hour as it provides consumers with liquidity for contingency expenses.