Muthoot Finance ventures into personal loans
The Kochi-based NBFC, Muthoot Finance, has recently expanded its lending portfolio by foraying into personal loans. Through this new lending segment, the NBFC, as of now, will cater to the increased credit requirements of its salaried customers. The loan facility will be offered to customers across 20 cities in Southern India by the end of fiscal. As per the MD of Muthoot Finance, George Alexander, anyone with monthly of Rs. 10,000 in smaller town and Rs. 20,000 in bigger cities will be able to avail the loan option. The repayment tenure will be up to 5 years at an interest rate of 14-21%.