Muthoot Finance Ltd, a company focused on gold loans, launched personal loan for salaried individuals. Executive Director George M. Alexander on Tuesday said any salaried individual with stable employment and a monthly salary of ₹ 20,000 or more in metros and ₹ 10,000 or more in other towns can apply for the loan. The rate of interest varies from 14% to 21%. Making it easier for the company to disburse loan are factors such as the salaries getting credited to bank account and a good number of customers having auto-debit facility and good credit rating. The minimum ticket size for the personal loan is ₹1 lakh while maximum is ₹10 lakh. When most of the lenders focus on financing individuals employed with large and established corporates Muthoot will focus equally on salaried individuals employed with SMEs. as well as with bigger corporates. “We will also lend personal loans to first time borrowers who meet our underwriting norms,” Mr. Alexander said, adding the company has set a target to disburse ₹ 300 crore of personal loans this fiscal.