- Gold Loan NBFC plans to open 26 branches in Gujarat in FY25
- Eyes Rs 250-crore gold loan business from Gujarat this fiscal year
- The NBFC is also inaugurates four more branches in the state, at Nikol in Ahmedabad, Dholka, Balasinor and Hirabaugh in Surat
NE BUSINESS BUREAU
AHMEDABAD, MAY 10
Indel Money, a leading gold loan non-banking finance company (NBFC), marked it entry to Gujarat with the opening of its 300th branch at Naroda in Ahmedabad on Friday. This significant event marks a key milestone in the company’s journey, heralding its relentless efforts to provide customer-focussed gold-loan solutions across the country.
Indel Money offers a comprehensive suite of gold loan services to the customers who have diverse financial needs. The NBFC is also inaugurated four more branches in the state, at Nikol in Ahmedabad, Dholka, Balasinor and Hirabaugh in Surat.
Indel Money’s rapid expansion in the state reaffirms the company’s strategy to tap Gujarat’s thriving business potential for its growth. The company aims to strengthen its gold loan business in the state with an ambitious target of opening 26 branches this FY and achieving a business of Rs 250-crore in the current financial year.
Commenting on this significant milestone, Umesh Mohanan, Executive Director and CEO of Indel Money, said: “Gujarat is one of the top industrialised states in India. People have entrepreneurial skills and the credit demand in the state is always very high. Our specialised gold loan products will have a prominent role to play in helping people meet their credit demand. The state offers huge business potential and that is the reason for us to choose Ahmedabad as the destination for inaugurating our 300th branch. It underscores our dedication in expanding our footprints across the country and serving people and businesses with innovative gold loan solutions. With the opening of new branches, we are aiming to deepen our presence in the western region and contribute to the growth and economic prosperity of the country.”
Answering a query on doorstep gold loan, Umesh said, “Indel Money offers its door step loan services through its unique format namely the ‘Hybrid Gold Loans’. Where the customer has got the option to pledge sitting at his convenience later release it physically from our branch counters or vice versa even in different combinations. At present, we do not offer this service in Gujarat but will consider depending on the market needs. By implementing robust security measures and adhering to regulatory guidelines, Indel Money safeguards customer interests while expediting loan approvals to meet customer demands promptly.”
With the addition of new branches in Gujarat, Indel Money now operates a vast network of branches that are spread across various states, including Odisha, Maharashtra, Madhya Pradesh, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Puducherry and Kerala.
Indel Money also provides loan against property, business loans, and personal loans. Indel Money’s current annual disbursements stand at around Rs 4,500+ crore per annum and Loan portfolio stands at around Rs 1,700+ crore, out of which 91% percent constitutes gold loans.
