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Indel Money, South India-based non-banking finance company (NBFC), has launched a long-term gold loan with two-year tenure to provide liquidity to individuals and small businesses.
The NBFC had earlier launched a long-term gold loan with a one-year tenure in 2019, and this launch is encouraged by the response to the earlier scheme, the company said in a statement.
The company claims that this is the first time a gold lender is offering a two-year loan.
“Traditionally, the gold loan has always remained a short-term or bridge loan. Customers end up paying higher interests by re-pledging the gold after the short periods of 90 days or 120 days. Our long-term gold loan saves them from this hidden trap,” said Indel Money Executive Director and CEO Umesh Mohanan said.
Indel Money’s two-year gold loan carries an interest rate of 12-24 per cent.
Indel Money, the flagship company of Indel Corporation, offers gold loans, MSME loans, small business loans and consumer durable loans across Kerala, Karnataka and Tamil Nadu. The company’s AUM stands at ₹450 crore as on July 2020.
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