IIFL Finance Surpasses Manappuram Finance to Become Second Largest Gold Loan Provider in India
New Delhi – Non-Banking Financial Company (NBFC) IIFL Finance has achieved a significant milestone by becoming the second largest gold loan provider in India, surpassing Manappuram Finance. The company’s gold loan portfolio has reached Rs 23,690 crore in assets under management (AUM), exceeding Manappuram Finance’s AUM of Rs 20,809 crore.
Saurabh Kumar, head of Gold Loan Business at IIFL Finance, commented on the achievement, stating that it solidifies the company’s position as the second largest gold loan provider in India in terms of AUM. The market leader in gold loans remains Muthoot Finance, with an AUM of Rs 66,089 crore as of September 2023.
Kumar also highlighted the customer-centric approach of IIFL Finance, noting that the company has approximately 18.6 lakh customers, with over 70% being repeat customers. This is attributed to initiatives such as repayment grace periods, no foreclosure charges, transparent dealings, and proactive customer need identification.
Looking ahead, IIFL Finance anticipates a 25-27% increase in gold loans in the fiscal year 2024. The company provides gold loans in 1,486 towns and rural areas across 25 states and 4 Union Territories, catering to salaried, self-employed, and Micro, Small, and Medium Enterprises (MSME) customer segments.
In addition to gold loans, IIFL Finance also offers affordable home loans, microfinance loans, and business loans, with a consolidated AUM of Rs 73,066 crore. This diversification of offerings reflects the company’s commitment to meeting the diverse financial needs of its customers.
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