Nitstone Finserv ventures into gold lending

Jan 15, 2020 12:37 PM STI

Bangalore (Karnataka) [India], Jan. 15 (ANI / NewsView): Nitstone Finserv, a Bengaluru-based NBFC FinTech, is embarking on gold lending as a new product in its retail portfolio.
Leveraging extensively on technology, this product would aim to provide instant loans to underserved urban customers, including the new customer segment on credit. While interest rates would be very competitive with other creditors, Nitstone would guarantee a maximum loan at the value of gold.
The gold loans will be available in the form of notes of Rs 5,000 to Rs 2,000,000 for terms ranging from one to twelve months. The company will also offer differential interest rates to women who wish to use the fund to start their own business.
The NBFC, which currently offers personal loans for travel, medical care, consumer loans, etc., to individuals and students, aims to expand its offerings in the bouquet with the Gold Loan offering.
The unique features of Nitstone’s Gold Loan include flexibility of repayment options including EMI, repayment term that suits clients as well as top-up options.
“Since launching our operations in 2018, we have received many requests for gold loan because the demand for quick loans against jewelry collateral is high in the market. Our gold lending product is launched to meet the demands of our clients and is primarily aimed at the underserved urban segment, which has difficulty dealing with a bank or has received low ratings due to a lack of ‘credit history,’ said Govindankutty Edaden, executive vice president of Nitstone Finserv.
“Our customer-centric service would ensure a hassle-free experience for this segment of the company,” he added.
This story is provided by NewsView. ANI will not be responsible for the content of this article in any way. (ANI / NewsView)

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