Mahindra finance opens its first exclusive branch in Kerala

Kochi (Kerala), Mar 19 (ANI): Mahindra Finance, the financial services arm of the 6.3 billion dollars Mahindra Group, has launched a new loan scheme for gold and an exclusive branch for the same in Kerala.

This product has been specifically designed to provide liquidity against gold ornaments without having to sell them for a short period to one month and longer.

"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," said Uday Phadke, Vice Chairman, Mahindra and Mahindra Financial Services Ltd., Kochi.

As per the company statistics, there is an overall potential of over 40 thousand crore business in this segment alone in India and Kerala plays a major role in this key business among few other states.

"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 see a business potential of this segment of around 40,000 crore in India alone," said Ramesh Iyer, Managing Director, Mahindra and Mahindra Financial Services Ltd.

"We are aware that customers borrow against gold to meet exigency expenses, be it for education, medical or any other such requirements so we will offer our customers an array of loans including secured small ticket loans, need based loans and loans against pledge of gold jewellery," Iyer added.

The company plans to have at least 10 retail outlets in an around Kerala in the first one year and later it will be spread to Tamil Nadu and Maharashtra. By Juhan Samuel (ANI)