Non-banking finance company (NBFC) Capri Global Capital Ltd. has forayed into gold loan business, to be operated under the brand Capri Loans
The company has announced the opening of 108 branches in Rajasthan, Madhya Pradesh, Delhi-NCR, Haryana, Gujarat, Uttar Pradesh, and Maharashtra. By the end of this quarter, the branch network will increase to 200 covering Northern and Western India, a top company executive said.
These branches would offer gold loans for tenures from 6 to 12 months with multiple repayment options. Capri Loans would provide loans up to 75% of the total pledged gold at competitive interest rates. Additionally, the company said it would offer complimentary insurance equivalent to the pledged value of gold ornaments.
Ravish Gupta, Business Head – Gold Loan, Capri Global Capital Ltd. said, “We see greater demand for gold loans coming from Tier III, IV, and V cities of North and West part of the country. Our target is to build a gold loan book size of ₹8,000 crore and expand our network with 1,500 branch locations over the next five years”.
“Our competitive interest rate and transparent payment options will safeguard our customers from a cumulative higher rate of interest. We are confident that our gold loan product will help us penetrate the northern and western geographies and achieve our business target for the next five years,” he added.
