The main activity of Muthoottu Mini is advancing money against security of gold ornaments. It is the main source of income for the Company.
“Muthoottu Mini has distinct schemes for Gold loan. The scale of finance is governed by Reserve Bank of India guidelines from time to time and the rate of interest for gold loans will be decided by the Board of the Company on the basis of various internal and external factors, market conditions etc and will be advised to the Branches from time to time. The Company Board of Directors can decide the scale of finance for each product within RBI guidelines”
Women are now getting better education and are willing to start their own business/industry/services units. Through Mahila Loan empower them by providing timely credit which will satisfy their immediate requirement without waiting too much. The targeted customers under women are self-help groups, women engaged in making handicrafts, tailoring, vegetable dealers, women drivers and all other working women in the country. Muthoottu Mini Mahila Loan is a solution which will speed up her efforts to support her family. We are also inclined towards giving additional benefits to women because we believe the rate of repayment is better. Loan period of Mahila Loan is defined as 12 months (360 days).
This product as the name suggests is for Empowerment of women. We provide hassle free timely credit to women self-help groups, women engaged in making handicrafts, tailoring, vegetable dealers, women drivers and all other working women in the country. Muthoottu Mini Mahila Loan is a solution which will speed up her efforts to support her family. We are also providing additional benefits to women. Loan period of Mahila Loan is defined as 12 months (360 days).
About 70% of Indians live in rural areas/villages. They do agricultural activities, other business etc and they usually borrow at exorbitant rate of interest from private individual financiers. About 60 to 75 % of gold purchase is done in these areas. MM Aaswas Gold loan is our product is basically for these people who seek gold loans at low rate of interests since they are unable to pay higher rate of interest. This product will meet the immediate requirement of those who want to pledge at low rate of interests with hassle free documentation. Loan period of MM Aaswas Loan is defined as 3 months (90 days).”
The company lends varying amounts per gram of the gold depending upon the market value as detailed by RBI direction and the purity of the gold. The Company gives Gold loans against pledge of gold ornaments keeping in mind the various needs of the customer. Under Normal gold loans we have loans for different periods, different interest rates and different rate per gram. The customer is free to choose the product. Minimum period of loan is 30 days and maximum 360 days. The rate per gram depends on Reserve Bank of India guidelines from time and as approved by Company Board of Directors.
EmZEE Gold Loan 12 (EMI):-This is an EMI scheme (Equated Monthly Installment) where the borrowers can repay the loan in 12 equated monthly instalments. The applicable rate of interest is 15% on a flat rate method. Minimum loan amount is Rs. 10000 under this scheme.
EmZEE Gold Loan 24 (EMI):-This is an EMI scheme (Equated Monthly Installment) where the borrowers can repay the loan in 24 equated monthly instalments. The applicable rate of interest is 14.5% on a flat rate method. Minimum loan amount is Rs. 25,000 under this scheme.”
There are a large number of small business men, vegetable/fish vendors, bakeries, medical shops, fancy stores etc. who require funds for daily operations.This is a scheme specially designed for such people in the society. Minimum loan amount is fixed Rs. 10000 and maximum as Rs. 50000. The borrower has to close the loan by remitting daily installments in 99 working days.
MM Premier Loan is best suited for customers who require higher loan amount at competitive interest rates. HNIs, Contractors, Traders, Businessmen. Minimum amount of loan is Rs.250, 000 and maximum period is 270 days and maximum rate per gram as decided by Reserve Bank of India will be given. Maximum loan amount will be as decided by Corporate office guidelines.
MM Pre Pay is a Gold loan product against security of gold ornaments with low interest rate where interest for the period of sanction is paid up front that is the entire interest for the loan is paid at the time of sanction of loan. The period of sanction of the loan is 180 days. The interest rate is 14% p.a. monthly compounded. Minimum loan amount is Rs.Rs.50,000/- and Maximum Rs.99, 000/-The benefits to the customer while availing this product are low interest rate at 14%, maximum loan for the gold pledged, needs to be closed on 180th day only and no payment of monthly interest.