|
 |
 |
|
|
|
Muthoot Fincorp receives Crisil P1+ rating
Mumbai, 3rd July.
Part of the 20,000 Crore Muthoot Pappachan Group, Muthoot Fincorp Ltd., has been elevated by Crisil to 'P1+' rating in the short term loans segment, the highest rating that can be achieved to Crisil’s standards. The Crisil northward indicator strengthens positively the business risk profile of Muthoot Fincorp.
Muthoot Fincorp’s other outstanding debt programmes and bank facilities have been upgraded by Crisil to 'A+' with Stable Outlook.
"The ratings reflect Muthoot Fincorp’s substantial experience in financing against gold, innovative additions to the loan portfolio, robust asset quality, and excellent earnings profile over the most difficult periods during bthe recent recession, said Mr. Thomas John Muthoot, Chairman and Managing Director of the Muthoot Pappachan Group.
The Muthoot Pappachan Group's core businesses are financing against gold, small and medium credit to business people and insurance. The group's promoters have been in the finance business since 1939, which has helped the group to design efficient credit appraisal and approval systems and processes. The group enjoys a strong reputation in Southern India. Since 2008, Muthoot Fincorp has been expanding its presence in Central, Western and Northern India.
|
 |
Another innovative loan offering from Muthoot Pappachan Group
Gold loan repayable in installments
The 20,000 crore Muthoot Pappachan Group recently introduced a new loan product that is being launched Nationwide. Aimed at people who seek installment repayments and efficient disbursement at the maximum possible valuation of their gold, the new Smart Plus Gold Loan is the first of its kind in India.
Part of the portfolio of Muthoot Pappachan Group company, Muthoot Fincorp, the new product offers up to ninety percent of the gold value as loan. The tenure of the loans is from 6 to 36 months. The customer may redeem the gold in parts without having to wait until the full loan is settled and repayments can be made at any one of 850 branches of Muthoot Fincorp across the Nation.
“Combined with our 3-minute loan service, this installment plan product will be a boon to those in need of finance quickly; they just walk in with an acceptable identity card like an Election Card and, walk out with the loan in minutes” says Mr. Thomas George Muthoot, Director, Muthoot Pappachan Group.
“Smart Plus Gold Loan was developed after valuable suggestions from our customers,” adds Mr. Thomas Muthoot, Director in charge of Strategic Initiatives at Muthoot Pappachan Group. “We listen carefully to the needs of the people and, as a result, we are at the forefront in the knowledge of finance at the very grassroots level.”
|
|
Muthoot Fincorp achieves RBI-approved Money Changer Status.
Muthoot Fincorp is now an RBI-approved Authorised Money Changer (AMC). The elevated status enables Fincorp’s Forex Division to offer a wider scope of services and products without third party involvement. The range of services includes drawing instrument and remittance facilities through Fincorp’s own arrangements with offshore Banks. Customers can expect a quick, efficient overseas remittance service for such purposes as medical treatment, private visits, business travel, fee for conference and event participation, film shoots, disbursement of crew wages, education fees, emigration fees, visa fees and DDs in Saudi Riyals for Haj pilgrims.
|
|
22 new branches of Muthoot Fincorp to open from 17th June to 30th June, 2010.
That’s almost two branches a day. The new branches are in the states of Goa, Punjab, Maharashtra, Kerala, Karnataka and Tamil Nadu. Customers can locate the branches closest to them by
using the Branch Locator in the Muthoot Fincorp and Muthoot Corporate websites. Addresses and contact details of new branches will be updated as they open for business.
|
|
45 New Fincorp Branches within the next four weeks.
As part of Muthoot Fincorp’s drive to be closer to the customer throughout India, 45 new branches will be opened from 26th April to 27th May 2010.
That’s more than one branch a day. The new branches will be in Delhi, Haryana, Kerala, Karnataka and Tamil Nadu. Customers are requested to use
the Branch Locator button on home page of the Muthoot Fincorp and Muthoot websites to locate branches. New branch addresses and contact
details will be updated as the branches open for business.
Several other new branches are being planned for the convenience of Muthoot Fincorp customers. Announcements will follow.
|
|
|
Muthoot Pappachan Group Launches
Sthreejyoti a training program for women entrepreneurs
Our Bureau
Thiruvananthapuram
Muthoot Pappachan Group offers a unique programme “Sthreejyoti,” which is a set of award-winning modules focussing on building the business skills of women micro entrepreneurs. It is an educational model oriented to potential as well as established entrepreneurs.
Going strong with its core business of Gold Loan, the Group has ventured into providing micro finance (cash flow based Business Loan) in the year 2008 The number of borrowers under “Muthoot Business Loan ” portfolio has now grown to 7400 more than 25% of whom are women entrepreneurs.
“Sthreejyoti programme builds on the existing knowledge of entrepreneurs and offers them an integral development vision, further beyond simple administration of their business. The training program is extensive, participatory and reality based, using a lot of interactive games and role-plays to solve real- life business challenges and thus the program is engaging for people with little formal education who may not learn effectively in a traditional classroom setting” says Thomas Muthoot Director Muthoot Fincorp.
The courses offered are Self Management for Women, Leadership, The Entrepreneur and the Management, The Feasibility of My Business, From the Idea to the Business, Communication and Promotion, Cash Management, Savings and Investment and Debt. Each course lasts an average of 5 hours and is adapted to entrepreneur’s time and availability and the courses include an immediate action plan for entrepreneurs of what they have learnt. The program has standardized quality: all facilitators and entrepreneurs are certified by ACCION.
ACCION International, a private non-profit Organization with a mission of giving people the financial tools they need to work their way out of poverty. To date, ACCION has trained more than 700,000 micro entrepreneurs, 60 percent of whom are women.
The program offers a whole lot of benefits for Muthoot Fincorp by offering their clients credit plus services, loyalty building, lower client attrition rate, also offering new products and services to clients as they grow in businesses. Sthreejyoti program training is done by certified ACCION Master Facilitators; ACCION conducts periodical impact evaluation to measure the success of the program, enabling entrepreneurs to increase competitiveness in the market to generate more income and improve their economic and living conditions.
The Muthoot – Accion joint initiative will train 20000 women entrepreneurs in the next one year says Thomas Muthoot Director. Muthoot Fincorp. In his interaction with the media during the inaugural ceremony of this new initiative. |
|
Australian High Commissioner's Visit
The High Commissioner of Australia to India H E Peter Varghese called on Mr. John Muthoot, Chairman of MUTHOOT PAPPACHAN GROUP on March 11th, at the Corporate Office, Thiruvananthapuram. He was accompanied by Mr. Aminur Rahman, Australian Consul-General for South India and Mr. Mark Ryan, First Secretary – Australian High Commission.
The High Commissioner and his Team were received by Mr. George Muthoot, Director of MUTHOOT PAPPACHAN GROUP.
The meeting provided a platform for discussing investment opportunities in collaboration with the Group in Education,Vocational Training, Tourism, Sports, and other areas of mutual interest.
|
| |
|
|
|
