MSME focused Capri Loans starts gold loan business with over 100 branches

Mumbai, Aug 24 (KNN) Capri Loans, NBFC focused on MSME credit and housing finance has commenced operations of its gold loan business with more than 100+ branches.

The branches are across Rajasthan Madhya Pradesh, Delhi-NCR, Haryana, Gujarat, Uttar Pradesh, and Maharashtra and will offer gold loans for tenures from 6 to 12 months with multiple repayment options, said a press release.

Capri Loans will provide loans up to 75 per cent of the total pledged gold at competitive interest rates.

These gold loan branches are equipped with an artificial intelligence-powered security vaults to offer best-in-class safety to the gold ornaments.

Expressing excitement to take the next journey of tech-advanced gold loan, Rajesh Sharma, Managing Director, Capri Global Capital Ltd. said, "We foresee immense scope in the gold loan market. Through our gold loan product, we aim to empower our customers to take advantage of their secured assets and finance their various needs other than financial emergencies.”

“We are bullish for Tier III, IV, and V cities of the North and West part of the country. We vision to build a gold loan book size of Rs 8,000 crore and expand our network with 1500 branch locations over the next five years,” he said.

The company aims to operate 200 gold loan branches with an AI-powered security vaults by H1 FY23 in Northern and Western India.

The technology implementation across branches will enable Capri Loans to facilitate quick, transparent, and hassle-free gold loan financing.

Ravish Gupta, Business Head – Gold Loan, Capri Global Capital Ltd. said, "Capri gold loan branches are equipped with AI-powered security vaults to mitigate their safety concerns for their assets. Our dedicated relationship manager for each customer will help borrowers have the freedom to discuss transparently and get the desirable advice for which they earlier relied on ancestral money lenders or Jewellers.”

Gupta said that the NBFC is confident that the lucrative gold loan product will help them penetrate the northern and western geographies and achieve business target for the next five years.

Additionally, the company offers complimentary insurance equivalent to the pledged value of gold ornaments.  (KNN Bureau)