Kochi Muthoot Fincorp, one of the leading NBFCs in the country, has launched a gold loan scheme targeting students who do not have the means to buy smartphones or tablets to attend their online classes. Titled 'Restart India Vidya Dhan Gold Loan', the new interest-free loan will be available to up to 1,00,000 applicants on a first-come, first-serve basis through 3,600 plus Muthoot Fincorp branches across India.
Under the scheme, loans up to Rs 10,000 will be given per individual for six months. No interest will be charged for a period of 90 days. In addition, there will be no processing charges. One applicant will be eligible for only one loan under the scheme, which can be availed by producing the student's ID card.
Thomas John Muthoot, Chairman, Muthoot Fincorp, said the scheme is being implemented as part of the first anniversary of the Restart India Initiative launched during the first lockdown in 2020. "Children's education has been severely affected across the country due to the pandemic. Unfortunately, most of our students do not have smartphones or tablets necessary to attend online classes. We launched this interest-free loan to address this issue," he said.