‘Maitreyi’, Piramal Finance’s first all-women branch opens at Tripunithura near Kochi
Piramal Finance, a leading housing finance company, has inaugurated its first female branch ‘Maitreyi’ in the country in Tripunithura, a suburban area in Kochi.
This is part of the strategic expansion and the company has identified four more cities such as Jaipur, Mumbai, Mohali and New Delhi to open branches soon, said Jairam Sridharan, managing director of Piramal Finance.
He was asked about the reason for the choice Kerala As for the opening of the first branch, he said it is one of the states where 50 percent of the customers are women, while the figure is 20 percent in the rest of the country. Kerala is also a market where 70 per cent of clients are self-employed, while the remainder are in the employee category. In other parts of the country, he said, the wage bracket is 40 percent and 60 percent is self-employed.
Each Maitre branch will have a dedicated team of 7 to 15 female employees to cater to clients who provide a range of services including Home Loans, MSME Loans, etc. Home and property construction loans are two of the most sought after product categories with an average ticket size of $12 and ₹15-17 lakh for a property loan.
With the addition of the new branch, he said Piramal Finance now has 18 full service branches in Kerala and the company is looking forward to a strong branch network of 500 branches across 1,000 locations in the country this year. “We are doing INR 20 crore work in Kerala per month which will reach Rs 50 crore by the end of this year,” adds Sridharan.
In response to a question, he said that the company is seriously considering entering into gold loan financing, but it requires some infrastructure requirements before starting the project. On the economic front, he said that there is currently a sound environment for lending in the market with very low credit risk and high demand, which is a positive sign.