MSME-focused Capri Loans launches gold lending business with over 100 branches
Mumbai, August 24 (KNN) Capri Loans, NBFC focused on MSME lending and housing finance, has commenced operations of its gold lending business with over 100+ branches.
The branches are in Rajasthan Madhya Pradesh, Delhi-NCR, Haryana, Gujarat, Uttar Pradesh and Maharashtra and will offer gold loans for tenors of 6 to 12 months with multiple repayment options, a press release said.
Capri Loans will provide loans of up to 75% of the total gold pledged at competitive interest rates.
These gold lending branches are equipped with an AI-powered security vault to provide best-in-class security for gold ornaments.
Expressing his excitement at taking the next step in technologically advanced gold lending, Rajesh Sharma, Managing Director of Capri Global Capital Ltd., said, “We foresee immense reach in the gold lending market. Through our gold loan product, we aim to empower our clients to take advantage of their secured assets and fund their various needs other than financial emergencies.”
“We are optimistic for Tier III, IV and V cities in the north and west of the country. We plan to build a gold loan portfolio of Rs 8,000 crore and expand our network with 1,500 branches over the next five years,” he said.
The company aims to operate 200 gold lending branches with AI-powered security vaults by the first half of FY23 in northern and western India.
Implementing the technology in all branches will enable Capri Loans to facilitate fast, transparent and hassle-free financing of gold loans.
Ravish Gupta, Business Manager – Gold Loan, Capri Global Capital Ltd. said, “Capri Gold Loan branches are equipped with AI-powered vaults to mitigate their security concerns for their assets. Our manager Relationships dedicated to each client will help borrowers have the freedom to chat transparently and obtain desirable advice for which they previously relied on money lenders or ancestral jewelers.
Gupta said NBFC is confident that the lucrative gold loan product will help them penetrate the northern and western regions and achieve their business goals for the next five years.
In addition, the company offers additional insurance equivalent to the promised value of the gold ornaments. (KNN Office)