BusinessWire India
Mumbai (Maharashtra) [India], July 15: In a bid to capture the larger pie of India's credit growth story, Mirae Asset Financial Services, arm of Mirae Asset Group has launched personal loans for salaried employees across selected cities.
The launch comes after the Non-Banking Finance Company had successfully offered loan against mutual funds units and securities in the past two years.
Committed to building a high-quality loan book, the firm offers personal loans exclusively to salaried employees with a monthly income of over Rs 25,000. Eligible borrowers must have a minimum credit score of 700 and at least 12 months of work experience. Initially available in select locations across India, the product is open to individuals aged 22 to 55. Applicants' eligibility will be further assessed based on their credit profile, employment information, and salary details.
Commenting on the launch, Krishna Kanhaiya, Chief Executive Officer (CEO) of Mirae Asset Financial Services (India), "With the introduction of personal loans, we are taking a significant step towards becoming a full-service Non-Banking Financial Company. Personal loans will enable us to serve a larger audience and diversify our customer base further.
Our vision is to be one of the most reliable and trusted brands in lending. This will be evident in all our offerings where we are upfront in highlighting all the information a customer should know before starting the application. We will continue with our group's value of customer first and constantly strive to help our customers in their financial journey."
The entire process, from application to approval, can be done online via the company's website and/or mobile app, eliminating the need for branch visits or physical paperwork in a transparent, quick, and hassle-free manner with approval to borrowers in just around 10 minutes.
These personal loans are available from Rs 75,000 to Rs 5,00,000, with attractive interest rates starting at 14% per annum and flexible tenures ranging from 6 to 48 months and the entire
Arun Sharma, Business Head of Unsecured Loans at Mirae Asset Financial Services (India), added: "We are thrilled to enter the unsecured lending market. The team has put immense effort into developing this product, focusing on transparency, speed, and convenience--key expectations of modern customers. We are confident that borrowers will warmly welcome this product. We remain committed to building a high-quality loan book in line with our company goals."
With the launch of personal loans, Mirae Asset Financial Services expands its product portfolio to include unsecured retail loans, adding to its existing offerings of loans against mutual funds, loans against shares, and corporate loans.
Leveraging the latest digital technologies, Mirae Asset Financial Services ensures a best-in-class experience for borrowers. The firm has partnered with leading fintech players to leverage advanced technology across credit & risk, operations, and sales & distribution to enhance efficiency. To enhance speed, efficiency, and quality, Mirae Asset Financial Services has developed a robust business rule engine that reduces approval times to just a few minutes. The NBFC serves all customers and partners through its website and mobile application, streamlining both on boarding and post-disbursement services.
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