Goldplus launches 'Swarna Samridhi' in tie-up with Muthoot

HYDERABAD: Jewellery chain Goldplus from Tata Group today announced launch of a new scheme 'Swarna Samridhi' for Andhra Pradesh market in alliance with Muthoot Finance, a gold loan company.

Through this tie-up customers in rural areas will get an opportunity to purchase and invest in gold jewellery of their choice from Goldplus, without having to sell their old jewellery and Muthoot will extend finance to jewellery buyers.

Under the scheme, customers will now need to pay only 20 per cent of actual price on purhcase of ornaments and the remaining amount will be paid through monthly instalments to Muthoot Finance Limited. The customers will be given a 30-day interest free period to repay the loan amount, Muthoot Finance Limited, Zonal Manager (AP Zone) R Venkateswaran told reporters here, after launching the scheme.

"Muthoot will extend loans for remaining amount at 11.5 per cent interest with repayment period up to 2 years," he said.

Goldplus General Manager A Palani Kumar said "the scheme has received phenomenal response from customers in Tamil Nadu and now it has been rolled out in Andhra Pradesh. It will be extended to Karnataka soon."

"Through this tie-up we are expecting an additional increase of around 10 per cent in sales," he said.