KOCHI: The services of Muthoot Fincorp Ltd, the flagship company of the Kerala-headquartered Muthoot Pappachan group, were primarily targeted towards financial inclusion, thus de-facto partnering the Central and state governments in their priority areas, said its head.
Thomas John Muthoot, chairman of the group, said the group has from inception historically addressed the financial needs of the underprivileged segment, pioneering gold loan products over 100 years ago and offering them income generating loans or affordable low cost housing loans today. For the housing finance arm, Muthoot Housing Finance plans to increase its customer base to more than 50,000 in the next five years.
For the micro-finance arm, having secured NBFC-MFI licence earlier in 2015, Muthoot Microfin, currently the seventh largest player with a customer base of 10 lakh women entrepreneurs, aims at becoming the second largest micro-finance company by 2018 providing income generating loans to 50 lakh rural households. Muthoot Capital Services is planning to tie-up with more number of two-wheeler manufacturers to finance two-wheeler loans across the country.