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Covid-19: Gold loan providers to resume operations of 90% of their branches

Sunday, April 19, 2020

Business Standard

These companies are prepared to lend more to customers as the price of gold mortgaged by them has gone up sharply, making them eligible for larger loans
With the Ministry of Home Affairs (MHA) order allowing non-banking financial companies (NBFCs) to resume operations on Monday, Kerala-based non-banking financial companies (NBFCs), which provide loans against gold, are planning to start the operations of 90 per cent of their branches. Despite the impact of the coronavirus outbreak, they expect growth of nearly 10-15 per cent.
These companies are prepared to lend more to customers as the price of gold mortgaged by them has gone up sharply, making them eligible for larger loans. These companies are also looking at giving moratorium to existing customers.
Mannapuram Finance, Muthoot Pappachan Group and Muthoot Finance said that their prime consideration would be strict adherence to the stipulated guidelines, prescribed safety standards of the employees and customers and also security of the assets in the branchs.

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