Muthoot Finance launches operations in New Jersey with gold loans as new feature
New Jersey: Get cash for your jewelry using the gold loan scheme of Muthoot Finance US, which is the easiest way to get money.
It is very useful in an emergency. It is also helpful to get cash for the unused jewelry which does not earn any returns.
Muthoot Group, a billion-dollar company in India and leading bankers, has come up with new plans to expand its operations in the US, including a gold loan scheme and trading foreign exchange among others
Muthoot Bank has been operating in New Jersey’s Iselin (Edison) for over a decade. Money transfer has been the main activity till recently.
Matthew Joseph, chief executive officer of Muthoot Finance USA, said, the work will be expanded in future to new areas as needed.
Gold loan scheme operates in the same model as it is in India. Most people here have gold at home without any special use. They are kept mostly in bank lockers. Virtually it is unproductive asset.
But you can get cash for it at Muthoot Finance in a few minutes. No credit check or application needed. There is no wait time also.
They will assess the quality of the gold and will give 75% of the value in cash immediately. The interest rate is almost similar to a credit card. After six months, you can renew the loan after paying the interest.
Compare this process with the process to get a loan or credit card. You will need good credit score and regular income and documentation. Even then, if you missed your payment, the interest rate may go up.
These hassles are not here. Compared to the pawn shops also, the gold loan scheme is much cheaper.
Asians use 22 carat gold and loans are given for that. Diamonds etc. will not be accepted for loans.
The money transfer service of Muthoot is also more economical than many other banking institutions. Go to the bank with cash or check. The next day the money will be paid in India. The bank has relations to close to 20,000 centers in India. You can receive the money from one of these. Or you can get it transferred to your bank account itself.
The bank offers the most convenient way to send money to small businesses in the country.
In the Foreign Exchange category, foreign currencies are sold and purchased at the bank. The bank buys and sells the currency of all countries. This service is currently available at banks only. But there are many obstacles to avail this service from banks. They may demand that you should have an account in the bank. They may not have currency of many countries with them too.
Joseph said the bank has plans to expand its business to include insurance and travel soon.
Though Muthoot is the main shareholder, noted industrialist John Titus from Seattle, banker Varkey Abraham from New York and industrialist John Thomas from Florida are also shareholders of this American company.
Joseph, who worked in finance in Bangalore and Kuwait, came to the US 12 years ago. He earned an MBA from the US. He joined Muthoot in 2012.
Bank Address:
Muthoot Finance USA
1407 Oak Tree Rd.
Iselin, New Jersey - 08830,
Phone: 732 305 8200.
www.muthootgroup.us
