CHENNAI: IIFL Finance aims to open more than 40 new branches in TN and hire over 250 employees in the next one year.
Currently the non-banking finance company is present through 177 branches. Karthik TG, zonal business head, TN for IIFL Finance Gold Loans said, “We will be expanding across length and breadth of TN through addition of new branches and new staff. We offer gold loan, business loan and other lending products to underserved and underbanked customers.”
As per World Gold Council, south dominates Indian gold jewellery consumption, accounting for 40% of the country’s total jewellery demand. Almost 76% of south population owns gold jewellery and also has the highest rate of purchases. TN is a key state in terms of gold ownership and consumption.
Saurabh Kumar, head, gold loans, IIFL Finance, said, “TN is a focus state for IIFL Finance. We have large expansion plans in the state and expect to grow at 100% annually.” With over 4,400 branches across India, catering to over 85 lakh customers, IIFL Finance sees itself as one of the largest gold loan companies in India, licensed by RBI.
IIFL Finance offers one of the most affordable plans for its gold loan customers in Tamil Nadu.
Considered one of India’s largest retail focused NBFCs with Rs 68,178 crore loan assets under management, its gold loan book as on end June 30, 2023, stood at Rs 22,142 crore, showing a strong growth of 29% year-on-year.