Mahindra Finance, the financial services arm of the USD 6.3 billion Mahindra Group, today launced its new loan against gold product in Kerala.
This product has been specifically designed to provide liquidity against gold ornaments without having to sell them, Uday Phadke, Vice Chairman, Mahindra & Mahindra Financial Services Limited, told mediapersons here today.
This facility was ideal for meeting contingency requirements of customers and effectively harnesses the potential of gold transforming it into a productive asset, he said.
The company is confident of winning the customers trust and playing a leading role in shaping this industry, he said.
Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services limited, said India was the largest market for gold in the world and consequently, the growth potential of the gold loan industry in India is tremendous.
They are planning to have 8 to 10 branches in Kerala in one year’s time, he said.
The interest on loans will vary from 11 to 14 per cent, he said.