Muthoot to push cashless transactions for loan disbursements

Introducing various cashless ways, the company said customers can take and repay loans, as well as pay interest on existing loans through these new channels.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Dec 02, 2016, 09.28 AM | Source: PTI

Muthoot to push cashless transactions for loan disbursements

Introducing various cashless ways, the company said customers can take and repay loans, as well as pay interest on existing loans through these new channels.

Like this story, share it with millions of investors on M3

Muthoot to push cashless transactions for loan disbursements

Introducing various cashless ways, the company said customers can take and repay loans, as well as pay interest on existing loans through these new channels.

Post Your Comments

Share Cancel

| 1 Comments
Muthoot to push cashless transactions for loan disbursements
Muthoot Finance said its customers can do their gold financing transactions through mobile phone app and web portal to keep the business going as cash has become a distant catch due to ban on Rs 500 and Rs 1000 notes.

Introducing various cashless ways, the company said customers can take and repay loans, as well as pay interest on existing loans through these new channels.

For disbursement of loans, Muthoot Finance is encouraging online gold loans, direct credit to customer's bank account or by loading the loan amount on a pre-paid VISA card.

Web platform Webpay, mobile app iMuthoot along with existing RTGS/NEFT/IMPS facilities can be used by customer to repay their loans, it said.

However, customers can also repay their loans by depositing cheques and demand drafts.

Muthoot Finance said it is adopting technology to enable its customers pay their interest and principal dues online anywhere-anytime at their convenience without visiting the branch.

"The demonetisation initiative will immensely benefit the organised players in the sector. The unorganised players, however will be impacted as they don't have these online transaction facilities," said George Alexander Muthoot, Managing Director of the company.

The company has witnessed a 550 percent jump in loan disbursements through digital channels after the recent ban on Rs 500/1,000 banknotes, he said.

"As our average ticket size of loans is Rs 40,000, almost 70 percent of transactions were done through cash.

Today 60 percent of the disbursements and repayments are taking through these digital channels," he added.

Buy, Hold, Sell ? Hear it first on M3
Muthoot to push cashless transactions for loan disbursements

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login