Muthoot Finance offers loan of up to Rs 10 lakh to salaried class in Delhi, NCR

New Delhi: Muthoot Finance on Tuesday said it has expanded its personal loan scheme for customers in Delhi and NCR in which it will offer up to Rs 10 lakh to the salaried class.

Under this, Muthoot Finance will give unsecured loans of Rs 1-10 lakh at an interest rate of 13.5-23 per cent to salaried class only, the company said at an event here.

Muthoot Finance will target customers in the age group of 24-58 years and working in private, state and central government jobs to avail personal loans for 1-5 years.

Customers will be evaluated based on the credit history, KYC checks & CIBIL score.

The scheme aids the working class with fast and affordable sanctioning of loans without any collateral and flexible repayment options.

"This is a unique offer, which will benefit the salaried class as the loan can be availed with minimum documentation and will be disbursed within 48 hours. The company expects to grow its customer base in all categories by end of March 2021," said George Muthoot Alexander.

He said the loan will be available to customers in Delhi and NCR and going forward the scheme will be expanded across rest of north India.

The Kerala-based non-banking finance company (NBFC) has 282 branches in the national capital region.

The company's asset under management stood at Rs 38,303 crore at end-March 2019.

The loan will be offered to customers having a minimum take-home salary of Rs 20,000 a month.

Muthoot Finance said the company has disbursed loans to 67 crore customers till date and the demand remains strong with a daily walk-in of 2 lakh customers to its branches across India.