Muthoot FinCorp Limited has introduced a new scheme – Vyapar Vikas Gold Loan — for Traders.
“This innovative offering is designed to meet the evolving financial needs of traders, providing them with unparalleled flexibility and value,” said the company.
Traders can leverage their gold jewellery to obtain maximum loan value, providing them with the necessary funds to support and expand their businesses. The scheme offers ample flexibility of tenor – from 7 days to 12 months, giving traders to decide based one’s customised requirements, it added.
The Vyapar Vikas Gold Loan stands out with its easy daily repayment option, in line with the cash flow of traders enabling daily reducing interest rate where in traders have to pay the interest only for the number of days and amount used.
The loan scheme combined with an attractive interest rate makes an appealing choice for traders seeking financial flexibility, as there are no prepayment charges and offers flexibility in credit history (CIBIL criteria).
The loan interest is calculated on a diminishing balance basis, ensuring that borrowers only pay interest on the outstanding amount, further reducing the financial burden.
Vyapar Vikas Gold Loan facilitates digital repayments through the Muthoot FinCorp One mobile app, eliminating the need for traders to visit branches for repayment. Moreover, the 24X7 express top-up facility through SMS or the app ensures that traders can access additional funds whenever required, without the hassle of branch visits. This round-the-clock feature underscores Muthoot FinCorp’s commitment to offering seamless and efficient financial services.
Shaji Varghese, CEO of Muthoot FinCorp said, “This scheme provides traders with the flexibility, convenience, and financial support they need to grow their businesses. With features like easy daily repayment options, no prepayment charges, interest is levied only for the outstanding and for the days availed, attractive interest rates, and digital repayment facilities, we are committed to empowering traders across India to achieve their business goals.”
