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Hedge Finance, a leading NBFC in Kerala, has entered the gold-loan market by opening its first branch at Mamangalam in Kochi.
The entry of Hedge Finance, which has built a good retail loan book in MSME and personal transportation vehicles segments last fiscal, is a natural extension of its retail play.
“We believe that in the post-Covid period the need for asset-based personal finance will see a significant growth, and with gold prices on a secular growth phase, we see a great business opportunity to drive growth in this segment through our 23 branches,” said Alex KBabu, Chairman and Managing Director, Hedge Group.
According to him, the gold loan business in Kerala is poised for significant growth in the post-Covid period with the all round need for credit support from the MSME segment and personal loans for NRI returnees, and also from a broad spectrum of individuals in financial distress.
“Our existing 23 branches will progressively start gold loans, and simultaneously we will open five to eight branches in locations with pronounced potential for gold loans. As a modest player with transparent lending practices for the past nine years, Hedge Finance has unblemished reputation in the market. With the launching of the gold loan branch, we expect to cater to the needs of people in financial distress,” he said.
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