Aims to launch 200 gold loan branches with AI-powered security vaults by H1 FY23 in Northern and Western India
Capri Loans, a leading NBFC focused on MSME credit, and housing finance has commenced operations of its gold loan business with 100+ branches. These gold loan branches are equipped with an artificial intelligence-powered security vault to offer best-in-class safety to the gold ornaments. The NBFC has launched 30 gold loan branches across Delhi-NCR and Haryana, followed by Rajasthan, Madhya Pradesh, Gujarat, Uttar Pradesh, and Maharashtra. 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. These branches will offer gold loans for tenures from 6 to 12 months with multiple repayment options. Capri Loans will provide loans up to 75% of the total pledged gold at competitive interest rates. Additionally, the Company offers complimentary insurance equivalent to the pledged value of gold ornaments.
Mr. Rajesh Sharma, Managing Director, Capri Global Capital Ltd., said, “We are excited to take the next journey of tech-advanced gold loan as we foresee immense scope in the gold loan market. The financial distress due to the pandemic has increased demand for credit across low-to-medium income households. Due to the emotional value associated with gold, people pledge their gold as collateral and secure a short-term loan rather than selling it. The trend is evident in the country’s rural and semi-urban geographies. 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 crores and expand our network with 1500 branch locations over the next five years”.
“At Capri, we continuously evolve to become the tech-led NBFC for new age borrowers. We believe the next phase of fiscal growth disruption can be achieved through credit inclusion. Our innovative products, quality services, and market knowledge will cushion our effort to sustain this idea of inclusion”, he added.