Mahindra launches 'loan against gold' product in Kerala

Kochi: Mahindra and Mahindra Financial Services Limited (MMFSL), the multi-crore financial arm of the Mahindra Group, today launched its loan against gold product in Kerala.

Addressing a press conference here, MMFSL Vice-Chairman Uday Phadke said the product had been specifically designed to provide liquidity against gold ornaments without having to sell them.

The company, which inaugurated its first ever loan against gold branch in Thodupuzha, would open similar branches in eight to ten places in a year in the State, Mr Phadke said.

Company Managing Director Ramesh Iyer said alongwith opening new branches in Kerala, the company would also look at spreading its wings to States like Maharashtra and Tamil Nadu.

''India is the largest market for gold in the world and consequently the growth potential of the gold loan industry in the country was tremendous,'' he added.

The company would be offering an array of loans including small ticket loans, need-based loans and loans against pledge of gold jewellery, he added.