Tuesday, 1st November 2005 (2599 views)

Muthoot Group is aiming to promote gold-secured loans with the introduction of its new product Gold Power.

The Kerala-based company claims that its new product will enable customers to take out loans at competitive rates by securing them against gold deposits, reports Webindia123.

Muthoot's executive director, K Padmakumar called gold deposits "the most reliable assets in any country".

"Investing in gold is safer and now opens new possibilities of facilitating any kind of loan for those in need,' he further commented.

The group currently has 425 branches and says that each year it handles around 110 tonnes of gold as security.

Gold as security and as an investment has recently proved popular, due in part to rising oil prices.

 

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