Capri Global Capital opens 108 gold loan branches across major States

Capri Global Capital Limited (CGCL) on Tuesday commenced operations of its gold loan business by opening 108 branches in Rajasthan, Madhya Pradesh, Delhi-NCR, Haryana, Gujarat, Uttar Pradesh and Maharashtra.

The Mumbai-headquartered non-banking finance company, which currently offers MSME loans, affordable housing finance, auto loans and construction finance, aims to expand its gold loan branch network in North and West India by the end of September 2022.

The gold loan branches, which will offer gold loans up to 75 per cent of the value of the pledged gold for a tenure of 6 to 12 months with multiple repayment options, are equipped with artificial intelligence (AI)-enabled security vaults to provide security. can be done. According to the statement of CGCL, gold ornaments.

Rajesh Sharma, MD, said that CGCL expects to build a gold loan book size of Rs 8,000 crore and expand its network with 1,500 branch locations in the next five years.

“Due to the sentimental value attached to gold, people pledge their gold as collateral and secure short-term loans instead of selling it. This trend is evident in rural and semi-urban geographical areas of the country. We are bullish on Tier-III, -IV and -V cities of the country,” he said.

Raveesh Gupta, Business Head, Gold Loans, said that 100% free insurance cover, equal to the pledged value of gold, will make borrowers worry-free about their asset security. He said that the minimum gold loan amount offered by CGCL is ₹3,000.

Published on

23 August 2022

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https://www.thehindubusinessline.com/money-and-banking/capri-global-capital-opens-108-gold-loan-branches-across-major-states/article65802728.ece

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