Out of curiosity, send a loan enquiry to Indiagold platform. and a received a call back today. Key takeaways on their offering vs NBFCs like Muthoot, Manappuram & IIFL:
- Gold loan is offered in tie-up with Like HDFC, Axis, Shiwalik (small finance bank). They offered me loan from Shiwalik only.
- Gold will be safe-lockers at Bank branch (in this Shiwalik)
- Rate of Interest around between 11%-12%
- Tenure of either 6 months or 12 months
- PF 0.5% + GST,
- No prepayment charges
- No Gold valuation charges
- Doorstep loan processing
As players like Indiagold are intermediary (as of now), hence, ROI is marginally higher than Banks but significantly lower than NBFCs like Muthoot, Manappuram & IIFL.
But in long term, it can help Banks to capture much more market and hit market share of NBFCs specially those customers who deals in high ticket and want better rate also.
Like co-lending model, which is the new trend for many nbfc to grow, if players like Indiagold will have a tie-up with many more Banks – it will be an alarming trend to watch for.
Disc: Holding position in Manappuram.
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