Gold ornaments are every Indian woman’s weakness. Gold also makes an attractive investment and savings for a rainy day. At a time of need, a gold loan can become an attractive option as it allows women to retain the ownership of their gold and at the same time get the money they need. In order to fully capture this emerging market’s potential, some gold loan companies have designed special products for women. These loans meet the specific needs of women. Let’s have a look at some of these products.
Muthoot Finance – Muthoot Finance has a scheme called Muthoot Mahila Loan (MML) for women. Muthoot Finance is the largest gold financing company in India. They provide personal and business loans secured by gold jewelry or gold loans to individuals who possess gold ornaments to meet unexpected or other short- term liquidity requirements.
The interest rate and loan tenure are described in the table given below.
|Upto 1 month||12%|
|1 months – 3 months||15%|
|3 months – 6months||20%|
|6 months – 12months||24%|
|12 months & above (Penal Interest -2% addnl)||24%|
Muthoot Mahila Loan is available in all states across India except Delhi.
Mini Muthoot – Mini Muthoot is another NBFC that is offering a special gold loan scheme for women. Mini Muthoot is one of the top financial service providers in India. They provide value-based financial credit operations and value-added services like insurance, money transfer, tours, and travel, etc. They also provide high yielding investment opportunities through the issue of debentures.
As per Muthoottu Mini, their Mahila Loan is a solution which will speed up of efforts women to support her family. The loan tenure of Mahila Loan is defined as 12 months (360 days). This product as the name suggests is for Empowerment of women. They 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.
Apart from using the gold loan to support unexpected needs for money, women can use this opportunity to fund their own business venture. With diligent use, a loan can act as a short term source of cash made available at lower interest rates.
This blog is maintained by the Finaura team. Finaura is a solution that will help you find the best gold loan solution from gold loan company nearest to you. If you have any queries please feel free to contact us. Call us on +91 484 2388285 or email us at [email protected]