The first half of this fiscal year has been very confusing and difficult to cope up with. However, the clouds of confusion have begun to clear for some companies and one of them being the Muthoottu Mini Financiers. This NBFC company has done well along with its digitization in all of its branches.
Muthoottu Mini Financiers growing tall despite the pandemic hits a steady growth of 14%.
Now, the borrowers have to visit the branches just once to pledge the gold. Otherwise, they can easily make online payments at the comfort of their couch. Even when one wants to apply for a loan, the applicant can do it from their houses, ensuring complete safety.
The Managing Director of Muthoottu Mini Financiers, Mr Matthew Muthottu, states that the company has seen a 14% growth since the digitization. Due to their agility in adopting the technology, their company has been benefitted, and thus the overall rank of the company has increased.
They thought that the pandemic would render them high and dry; however, the demand for gold loans have been increasing because it is easy and instant. This smart move has let the company become one of the fastest-growing companies amidst pandemic considering its 14% growth since then.
According to the business reports that were released, the company has also seen 25% in its Assets Under Management (AUM). Other than that, there has been a hike of 44% of the company’s profits from the last financial year.
Muthoottu Mini Financiers have a growing a corporate family of 3000 employees, 792 branches scattered over ten states and one Union Territory. Muthoottu Mini Financiers are one of those rare NBFCs who are coping up with time. Looking at the fast-paced growth of the company, the Indian Research and Ratings Pvt, Ltd. has upgraded them to a higher rank, which has strengthened the company’s reliance on the minds of the people.