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CUSTOMER’S PERCEPTION TOWARDS MUTHOOT FINANCE LTD. - A STUDY IN

BELGAUM CITY, KARNATAKA STATE

Dr. Arifur Rehman Shaikh Asst. Prof. Shrirang A. Deshpande

Professor Asst. Professor
KLS- Institute of Management Education KLS- Institute of Management Education &
& Research {IMER} Belgaum, Research {IMER} Belgaum, Karnataka
Karnataka.

ABSTRACT

At present in India Gold loans can be availed from co-operative banks, public sector banks,
private sector banks and other private lenders. Some banks, however, offer it only in certain regions,
while private lenders process the loan in less than a couple of hours, some co-operative and public
sector banks may take up to a day to issue the loan. Muthoot Finance falls under the category of Non-
Banking Financial Company (NBFCs) of the RBI guidelines. The present paper identifies the various
factors which are considered by borrowers while availing the gold loan and the various reasons for
opting Muthoot Finance for availing gold loan .The study also identifies the various demographic
factors like gender, age, income level, educational background of the borrowers which have an impact
in opting Muthoot Finance for availing gold loan.

Keywords: Gold Loan Market, Muthoot Finance, Satisfaction level, Awareness, Borrowers

Introduction:
Human being has an inherent aspiration to acquire and possess gold and silver. This esteem for gold and
silver give the impression as profound as any of our most basic drives. All through history this awareness of the
value of gold has basis society and cultures to maintain the gold standard. Unfortunately, Kings, Ruler, and
Politicians, on numerous occasions, have abandoned the gold standard and either forced or swindle its citizens
into an artificial monetary system. Their systems have never lasted because Eternal laws are being broken. There
has never been in the history of the world, a single nation, which left the gold standard that did not end up with
an economic collapse. The U. S. A. is currently breaking a record for the longest period of time that a nation has
endured after breaking the Gold Standard. Our system will crash; it's just a matter of "when". Gold loans can
be availed of at co-operative banks, public sector banks, private sector banks and other private lenders. Some
banks, however, offer it only in certain regions, the only disadvantage. While private lenders process the loan
in less than a couple of hours, some cooperative and public sector banks may take up to a day to issue the loan.
In any case, the time is much less than the minimum three days of processing time for a personal loan. Loan to
value or the maximum ratio of a loan's size to the value of the asset, for a gold loan is on par with that of a
personal loan. In late 2007, the RBI had issued a notification which permitted bullet repayment (a lump sum
payment of the principal at maturity) of gold loans. Subject to specific guidelines from the apex bank, each bank
may fix its rate for gold, reflecting the market price at that point of time. Care should be exercised if you have
defaulted on a loan earlier, be it personal or any other. Your gold might not be returned at the end of the loan
tenure if you approach the same branch. Approaching another branch or bank in this case would be one solution,
as they would not have any record of your default history.

Review of Literature:
Richard Heaney, Nicholas Wai & Julie K. Walker in their research article Gold loan in the Australian
Gold Mining Industry: Do Gold loans allow Gold Producers to Increase leverage? This paper tests the hypothesis
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that gold producers exhibit greater leverage where gold loans are used. As the choice of gold producers and the
study period essentially avoids debt tax shield effects, the paper focuses on information asymmetry and agency
costs explanations for leverage. Theory suggests hedging can reduce the cost of debt but it has little impact if
management is not committed to adopting the promised hedging policy. The implicit hedge in gold loans commits
management to hedging and so greater leverage is expected for producers adopting gold loans. Results from the
analysis are consistent with this hypothesis. This paper tests the hypothesis that gold producers exhibit greater
leverage where gold loans are used. As the choice of gold producers and the study period essentially avoids debt
tax shield effects, the paper focuses on information asymmetry and agency costs explanations for leverage. Theory
suggests hedging can reduce the cost of debt but it has little impact if management is not committed to adopting
the promised hedging policy. The implicit hedge in gold loans commits management to hedging and so greater
leverage is expected for producers adopting gold loans. Results from the analysis are consistent with this
hypothesis.
Harini Subramani in his article “Gold loan: A more precious debt option” highlights that, If you have
gold jewellery to offer as collateral for personal loan, procedural hassles are minimal and banks don't check your
credit score. The amount of documentation and the excessive verifications before your personal loan gets processed
can be a nightmare. Here is where your jewels can lend a hand, specifically gold.
Harsh Roongta, CEO, Apnapaisa.com. With the current interest rate fluctuations, opting for a gold loan
as against a personal loan is more lucrative. Not only are your overall costs reduced, this will save a lot of your
time."One of the major advantages is that the loan is processed almost immediately, within hours, even minutes at
some banks, with minimal documentation," The Credit Information Bureau (India) Ltd scores which reflect an
individual's credit history are beginning to play an important role in acquiring personal loans. However, a gold
loan requires no such score. While the requisite documents for a jewel loan differ across lenders, most normally
require no more than a proof of income or address.

Objectives of the Study:

The following are the objectives of the research work
dia

Hypothesis of the Study

Ho There is no correlation between the gender of the borrower & purpose of gold loan.
H1 There is a correlation between the gender of the borrower & purpose of gold loan.
Ho There is no correlation between the income level of borrowers & reasons for choosing Muthoot
finance.
H1 There is a correlation between the income level of borrowers & reasons for choosing Muthoot
finance.
Ho There is no correlation between the age of borrowers & awareness about various institutions
providing gold loan
H1 There is a correlation between the age of borrowers & awareness about various institutions
providing gold loan.

Research Design: The study is empirical in nature and has been carried out to find out the reasons,
experiences and the level of customer’s preference in availing gold loan from Muthoot Finance Limited.
Tools of Data Collection: The data required for the study has been collected by developing and
administrating a structured questionnaire & same has been analysed by using SPSS, whereas Chi-square test and
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correlation analysis has been used specifically.

Sample Frame: Sample frame for this study are the customers of Muthoot Finance Ltd. (MFL)
Belgaum. The Sampling elements were the individual respondents. The respondents were asked to mark their
responses on various factors like purpose of loan, reasons for opting MFL for availing gold loan, how they came
to know about MFL etc.
Sample Size and Sampling Technique: The study covers 50 customers by using convenient sampling
technique has been used to collect the data. The data so collected from primary source are analyzed by using
Statistical Package for Social Science [SPSS].
Area and Period of the Study: The study is carried out to find out the reasons, experiences and the
level of customer’s preference in availing gold loan from Muthoot Finance Limited Belgaum, and the study covers
a period from October 2011 to March 2012.
Limitations of the Study: The study does not cover the entire population of People availing Gold Loan
in Belgaum, due to limitation of time & resources. The results of the analysis are based on the data about the
sample population of the customer’s availing Gold Loan from Muthoot Finance. The results need to be
generalized with caution & may not be valid for the entire population.

About Muthoot Finance:

The origins of Muthoot Finance can be traced back to 1939 when M.George Muthoot ventured into
financial services through a partnership firm under the name of Muthoot M. George & Brothers (MMG). MMG
was a Chit Fund based out of Kozhencherry. In 1971, the firm was renamed as Muthoot Bankers, and had begun
to finance loans using gold jewellery as collateral. The operations of Muthoot Bankers was then renamed and
incorporated as Muthoot Finance in 2001. Muthoot Finance falls under the category of Systematically Important
Non Banking Financial Company (NBFCs) of the RBI guidelines. The company has more than 3,510 branches
spread across 23 states of the country and is the largest gold loan company in India. Muthoot Finance, according
to the IMaCS Research & Analytics Industry Reports [Gold Loans Market in India, 2009 (“IMaCS Industry
Report 2009”) and the 2010 update to the IMaCS IndustryReport 2009 (“IMaCS Industry Report (2010
Update)”)], is the largest Gold Loan NBFC and has the largest network of branches for a Gold Loan NBFC in
India. Muthoot Finance is also the highest credit rated Gold Loan Company in India, with a credit rating of AA-
(CRISIL) and LAA-(ICRA).

Table 1: Gold loan Business in India

Gold Loan providers Gold Loan market Share (%)

FY 07 FY 09 FY 10
Muthoot Finance 11.0 13.4 19.5
Indian Overseas Bank 13.1 12.6 13.9
Indian Bank 13.2 13.2 10.4
Manappuram 3.7 4.9 6.8
South Indian Bank 4.7 6.1 6.3
Muthoot Finance Corp. 3.6 4.8 5.9
State Bank of Travancore 8.9 6.4 5.1
Andhra Bank 3.1 3.6 3.7
Federal Bank 4.7 4.3 2.3
Total Gold Loan (Rs. in bn) 129.1 246.3 376.4
Source: IMacs Industry Report
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Data Analysis:

Table 2: Demographic Profile of Respondents

Demographic Profile of Respondents
No. of
Characteristics Percentage
Respondents
Total No. of Respondents 50 100
Male 41 82
Gender Female 9 18
Total 50 100
21 to 25 5 10
26 to 30 10 20
31 to 35 26 52
Age 36 to 40 3 6
41 to 45 0 0
46 & above 6 12
Total 50 100
Non
Matriculate 8 16
Matriculate 11 22
Pre University 9 18
Qualification
Degree 16 32
Post Graduate 3 6
Others 3 6
Total 50 100
5000 to 10000 33 66
10001 to 15000 11 22
Monthly 15001 to 20000 4 8
Income 20001 to 25000 0 0
Above 25000 2 4
Total 50 100
Nil 0 0
1 to 2 9 18
No. of
Dependents 3 to 4 21 42
More than 4 20 40
Total 50 100
Source: Primary Data from Survey
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The demographic data presented in the table 1 indicates that 10 percent of the respondents
fall in the age category of 21 to 25 years, 20 percent of the respondents are in the age group of 26 to 30 years,
whereas 52 percent of the respondents came in the age group of 31 to 35 years, 6 percent belong to age category
of 36 to 40 years, whereas only 12 percent of the respondents fall in the category of 46 & above. 82 percent of
the respondents were male & 18 percent were female. Educational profile of the respondents indicates that 32
percent are graduates, 22 percent are matriculate, 18 percent are 10+2, 16 percent are non-matriculate, 6 percent
are post graduate, whereas 6 percent possess other qualification. The analysis also reveals that 22 percent of the
respondents had a monthly income of Rs. 10001 to 15000, 8 percent fell in the income category of 15001 to
20000 whereas majority of the respondents i.e. 66 percent were in the bracket of 5000 to 10000 & only 4 percent
had a monthly income of above 25000.The information related to number of dependents indicates that 42
percent of the respondents have a family size of 3 to 4 members, 40 percent have more than 4 members whereas
only 18 percent have 1 to 2 dependents.

Table 3: Purpose of Gold Loan

Purpose Frequency Percent Valid Cumulative

Percent Percent
Purchase of residential property 4 8.0 8.0 8.0
Education 5 10.0 10.0 18.0
Investment in Business or profession 16 32.0 32.0 50.0
Medical treatment 3 6.0 6.0 56.0
Purchase of Vehicle for personal use 1 2.0 2.0 58.0
Repayment of other Debts 3 6.0 6.0 64.0
Others 16 32.0 32.0 96.0
Multiple Purposes 2 4.0 4.0 100.0
Total 50 100.0 100.0

Source: Primary Data from Survey

Graph 1: Purpose of Gold Loan

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Analysis & Interpretation: The study reveals that 32 percent of the respondents avail gold loan for investing it in
business or profession, 10 percent of the respondents had availed the loan for education of self & dependents, 8
percent have availed the loan for purchase/construction of the residential house, 6 percent for meeting emergency
medical expenses, 6 percent has taken the gold loan for repayment of other debts, whereas 32 percent of the
respondents have taken the loan for other purposes like they support their relatives & friends who are in need.

Table 4: Frequency distribution showing cross tabulation between gender & purpose of loan

PURPOSE Total
G Purc Educ Inves Medi Purchas Repay Othe Multipl
E hase ation tment cal e of ment rs e
N of in treat Vehicle of Purpose
D resid Busi ment for other s
E ential ness persona Debts
R prop or l use
erty profe
ssion
M Count 3 3 15 2 1 3 12 2 41
al % 7.3% 7.3% 36.6 4.9% 2.4% 7.3% 29.3 4.9% 100.0%
e within % %
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Gende
r
F Count 1 2 1 1 4 9
e
% 11.1 22.2 11.1 11.1 44.4 100.0%
m within % % % % %
al Gende
e
r
T Count 4 5 16 3 1 3 16 2 50
ot
al
% 8.0% 10.0 32.0 6.0% 2.0% 6.0% 32.0 4.0% 100.0%
within % % %
Gende
r

Table 5: Chi-Square Test

Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 5.595 7 .588

Likelihood Ratio 6.615 7 .470

Linear-by-Linear .000 1 .998
Association
N of Valid Cases 50

a 14 cells (87.5%) have expected count less than 5. The minimum expected count is .18.
Calculated value of chi-square is 5.595 & the table value at 5% significance level & 7 degree of freedom
is 14.07. As the calculated value of chi-square is more than the critical value, Null hypothesis is accepted and
alternative hypothesis is rejected, which signifies that there does not exists any relation between the Gender of the
borrower & the purpose for which loan is taken.

Table 6: Correlations between the Gender of the borrower & the purpose of the gold loan
GENDER PURPOSE
GENDER Pearson Correlation 1.000 .000
Sig. (2-tailed) . .998
N 50 50
PURPOSE Pearson Correlation .000 1.000
Sig. (2-tailed) .998 .
N 50 50
Correlation analysis between the gender of the borrower & the purpose of the gold loan shows that there is no
correlation.
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Table 7: Awareness among Respondents regarding Gold Loan providers (Institutes

Awareness Frequency Percent Valid Cumulative
Percent Percent
National Bank 7 14.0 14.0 14.0
Private Bank 3 6.0 6.0 20.0
Co-op Society 5 10.0 10.0 30.0
Private money Lenders 4 8.0 8.0 38.0
Manappuram 1 2.0 2.0 40.0
Multiple options 30 60.0 60.0 100.0
Total 50 100.0 100.0
Source: Primary Data from Survey

Graph 2: Awareness among Respondents regarding Gold Loan providers (Institutes)

Analysis & Interpretation: Research indicates that 60 percent of the respondents are aware about
various other institutions providing gold loan in Belgaum, 14 percent are aware about the nationalized banks, 10
percent are aware about co-op Societies providing gold loan, 8 percent are aware about private money lenders, 6
percent are aware about private banks, whereas 2 percent are aware about the Manappuram.
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Table 8: Frequency distribution showing cross tabulation between Age & Awareness
AWARENES Total
AGE Nation Private Co-op Private Manappu Multipl
al Bank Bank Society money ram e
Lenders options
21 to Count 1 1 3 5
25 % within 20.0% 20.0% 60.0% 100.0
AGE %
26 to Count 1 1 8 10
30 % within 10.0% 10.0% 80.0% 100.0
AGE %
31 to Count 4 2 4 2 1 13 26
35 % within 15.4% 7.7% 15.4% 7.7% 3.8% 50.0% 100.0
AGE %
36 to Count 1 2 3
40 % within 33.3% 66.7% 100.0
AGE %
46 & Count 1 1 4 6
abov % within 16.7% 16.7% 66.7% 100.0
e AGE %
Tota Count 7 3 5 4 1 30 50
l % within 14.0% 6.0% 10.0% 8.0% 2.0% 60.0% 100.0
AGE %

Table 9: Chi-Square Test

Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 11.460 20 .933
Likelihood Ratio 14.592 20 .799
Linear-by- .010 1 .922
Linear
Association
N of Valid Cases 50
a 28 cells (93.3%) have expected count less than 5. The minimum expected count is .06.

Calculated value of chi-square is 11.460 & the table value at 5% significance level & 20 degree of
freedom is 31.41. As the calculated value of chi-square is less than the critical value, alternative hypothesis is
rejected & Null hypothesis is accepted, which signifies that there doesn’t exists a relation between the Age of the
borrower & the awareness about the various Institutions lending Gold loan.
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Table 10: Correlations between the Age of the borrower & the Awareness about various
Institutions providing gold loan
AGE AWARENESS
AGE Pearson Correlation 1.000 -.014
Sig. (2-tailed) . .923
N 50 50
AWARENESS Pearson Correlation -.014 1.000

Sig. (2-tailed) .923 .

N 50 50
Correlation analysis between the Age of the borrower & the Awareness about various Institutions providing gold
loan shows that there is a very weak negative correlation.

Table 11: Reasons for opting Muthoot Finance for Gold loan
Reasons Frequency Percent Valid Cumulative
Percent Percent
Low or Less rate of Interest 7 14.0 14.0 14.0
Easy processing 6 12.0 12.0 26.0
Convenience 3 6.0 6.0 32.0
Multiple Options 34 68.0 68.0 100.0
Total 50 100.0 100.0
Source: Primary Data from Survey

Graph 3: Reasons for opting Muthoot Finance for Gold loan

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Analysis & Interpretation: The survey reveals that 68 percent of the respondents opted Muthoot
Finance for obtaining Gold loan because of various factors like Low interest rate, Easy processing & Convenience
while taking a Gold loan.

Table 12: Frequency distribution showing cross tabulation between Income level & reasons

REASONS Total
INCO Low or Easy Convenience Multipl
ME Less rate processing e
of Option
Interest s
5000 to Count 6 4 3 20 33
10000 % 18.2% 12.1% 9.1% 60.6% 100.0
within %
Income
10001 Count 1 10 11
to % 9.1% 90.9% 100.0
15000 within %
Income
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15001 Count 1 1 2 4
to % 25.0% 25.0% 50.0% 100.0
20000 within %
Income
25000 Count 2 2
& % 100.0% 100.0
above within %
Income
Total Count 7 6 3 34 50
% 14.0% 12.0% 6.0% 68.0% 100.0
within %
Income

Table 13: Chi-Square Test

Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 6.611 9 .678

Likelihood Ratio 9.297 9 .410

Linear-by-Linear Association 1.204 1 .273

N of Valid Cases 50
a 14 cells (87.5%) have expected count less than 5. The minimum expected count is .12.

Calculated value of chi-square is 6.611 & the table value at 5% significance level & 9 degree of freedom
is 16.92. As the calculated value of chi-square is less than the critical value, alternative hypothesis is rejected &
Null hypothesis is accepted, which signifies that there does not exist a relation between the Income level of the
borrower & the Reasons for choosing Muthoot finance for availing Gold loan.

Table 14
Correlations between the Income level of the borrower & the reasons for opting Muthoot finance for availing
gold loan
INCOME REASONS
INCOME Pearson Correlation 1.000 .139
Sig. (2-tailed) . .335
N 50 50
REASONS Pearson Correlation .139 1.000
Sig. (2-tailed) .335 .
N 50 50
Correlation analysis between the Income level of the borrower & the reasons for opting Muthoot Finance for
availing gold loan shows that there exists a negligible positive correlation.

Table 15: Source of information about Muthoot Finance

Source Frequency Percent Valid Cumulative
Percent Percent
TV ad 9 18.0 18.0 18.0
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Newspapers 3 6.0 6.0 24.0

Hoardings & Banners 4 8.0 8.0 32.0
Friends & Relatives 22 44.0 44.0 76.0
Multiple Options 12 24.0 24.0 100.0
Total 50 100.0 100.0
Source: Primary Data from Survey
Graph 4: Source of information about Muthoot Finance

Analysis & Interpretation: The analysis indicates that the 44 percent of the respondents have come to know
about Muthoot Finance through their Friends or Relatives, 18 percent came to know through TV ads, 8 percent
through Hoardings & banners, whereas 6 percent through Newspapers.

Satisfaction Frequency Percent Valid Percent Cumulative Percent

Yes 47 94.0 94.0 94.0
No 3 6.0 6.0 100.0
Table Total
16: Level of satisfaction
50 with reference
100.0 to the services
100.0provided by Muthoot Finance
Source: Primary Data from Survey
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Graph 5: Level of satisfaction with reference to the services provided by Muthoot Finance

Analysis & Interpretation: 94 percent of the respondents are satisfied with the services provided by the Muthoot
Finance.

Table 17: Prospects for Muthoot Finance

Prospects Frequency Percent Valid Percent Cumulative Percent

Yes 40 80.0 80.0 80.0

No 10 20.0 20.0 100.0
Total 50 100.0 100.0

Source: Primary Data from Survey

Graph 6: Prospects for Muthoot Finance

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Analysis & Interpretation: The study discloses that 80 percent of the present loan takers are willing to avail the
loan from Muthoot Finance in future also.

Conclusion:
This study identifies that Muthoot Finance Ltd. has a very strong position in the gold loan market
when compared with other loan providers in the same segment. The study also identifies the various
demographic factors like gender, age, income level, educational background of the borrowers which have an
impact in opting Muthoot Finance for availing gold loan. The null hypotheses are accepted & the alternative
hypotheses are rejected based on the Chi-square test & correlation analysis.

References:
1. ICRA Management Consulting’s gold market report 2010
2. Richard Heaney, Nicholas Wai & Julie K. Walker, Accounting & Finance, Vol. 37, Issue 2, pp. 129-145,
1997
3. Harini Subramani- Business Standard May 24, 2010
4. http://www.jaredstory.com/history_gold_and_silver.html
5. IMacs Industry Report
6. Donald S. Tull & Hawkins D.I., Marketing Research - Measurement & Methods, PHI Publication,
6th Ed, 1993
7. The New Sunday Express, Belgaum Nov. 20, 2011
8. www.ssrn.com
9. www.google.com
10. www.muthootfinance.com
11. www.moneycontrol.com
12. www.invetopedia.com
13. www.apnapaisa.com
14. www.rbi.org.in