Muthoot Capital

What Muthoot Capital does

Muthoot Capital Services Ltd. (BSE/NSE: MUTHOOTCAP) is an RBI-registered, Kerala-domiciled non-banking financial company incorporated in 1994 and listed since 1995. It operates as the vehicle finance arm of the Muthoot Pappachan Group (Muthoot Blue), a diversified conglomerate with 138+ years of legacy. The company's core products are Two-Wheeler Loans (up to Rs 3 lakh, up to 95% financing), Car Loans (up to Rs 50 lakh, up to 100% funding, tenure up to 84 months), Commercial Vehicle Loans (financing up to 90% of vehicle cost across light to heavy trucks and buses), Loyalty Loans (pre-approved Rs 45,000-75,000 for repeat borrowers), and Kerala-restricted Fixed Deposits (up to 9.35% p.a.). Co-lending partnerships with banks and fintechs (notably ev.fin by Greaves for e-mobility, launched January 2024) extend its distribution.

Loan origination, credit administration, and disbursement run on an end-to-end digitized platform with OTP-based customer portal login, online EMI and FD calculators, and instant KYC verification. Customer acquisition combines digital self-serve channels (website, mobile app) with physical origination through Muthoot Fincorp's 5,500+ branch network and vehicle dealer partnerships across 22+ Indian states. Assets Under Management reached Rs 3,250 crore+ in 2025, up from Rs 500 crore in 2014, with Rs 479 crore of disbursals in Q3 FY24 crossing pre-Covid levels. The company holds a CRISIL A+ credit rating (2022), ISO/IEC 27001:2022 certification (2025), Corporate Agency License (2025), and ESG Impact Rating of 73 (2025).

Revenue is generated primarily through interest income on the vehicle loan book, supplemented by processing/documentation fees (e.g., Rs 700 + GST on loyalty loans, Rs 1,500 + GST documentation charges), co-lending spread-sharing, and Fixed Deposit liability funding. Interest rates on loan products range from 10% to 32% depending on product and borrower profile. The customer base of 5.7 lakh+ borrowers is highly granular, spanning salaried professionals, self-employed individuals, small business owners, micro-entrepreneurs, NRIs, pensioners, and fixed deposit investors. The company is family-promoter controlled within the Muthoot group while publicly listed.

Name

Muthoot Capital

Legal name

Muthoot Capital Services Ltd.

Website

https://muthootcap.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Muthoot Capital Services Ltd. is an RBI-registered, publicly listed Indian NBFC that provides two-wheeler, car, and commercial vehicle loans, plus loyalty and fixed deposit products, serving salaried individuals, small businesses, and micro-entrepreneurs primarily through Muthoot Fincorp's 5,500+ branch network.

Ownership category

akta.pro rank

Product category

Vehicle Finance (NBFC)

NAICS

Nondepository Credit Intermediation (5222), Sales Financing (522220)

SIC

Finance Lessors (6172), Personal Credit Institutions (6141)

akta.pro primary industry

SME Equipment & Asset Finance (Leasing, Fleet, Capex) (FSABABAH)

akta.pro secondary industry

Large Purchase & Lifestyle Personal Loans (Unsecured Installment) (FSAKAAAG)

Keywords

• Vehicle financing
• Two-wheeler loans
• Car loans
• Commercial vehicle loans
• Fixed deposits

Headquarters

HQ city

Kochi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Vehicle Loan Interest Income: Interest income from two-wheeler loans, car loans, and commercial vehicle loans. Core revenue stream from financing vehicle purchases for individuals and businesses.
2. Fixed Deposit Interest: Accepting fixed deposits from customers and providing guaranteed returns. Deposits accepted only in Kerala state.
3. Loan Processing Fees: Processing fees and documentation charges for loan origination. Processing fee of Rs 700+GST for loyalty loans.
4. Co-lending Revenue: Revenue from co-lending partnerships with banks and financial institutions for shared lending risk and returns.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Muthoot Capital Services Ltd. is an Indian NBFC that finances vehicle purchases (two-wheelers, cars, and commercial vehicles) and accepts retail fixed deposits. Its product mix includes Two Wheeler Loans (up to Rs 3 lakh, 95% on-road funding), Car Loans (new/used, top-up, balance transfer, refinance up to Rs 50 lakh), Commercial Vehicle Loans (used and new, up to 90% funding), Loyalty Loans for existing good-repayment customers (Rs 45,000–Rs 75,000), and Fixed Deposits (up to 9.35% p.a., accepted only in Kerala). Loans are originated and serviced through the Muthoot Fincorp branch network, the company's digital platform, vehicle dealer partnerships, and co-lending arrangements.

Product overview

Muthoot Capital Services Ltd is an NBFC (Non-Banking Financial Company) offering a portfolio of vehicle finance and investment products. The core offerings include: Two Wheeler Loans for motorcycles and scooters with up to 95% financing; Car Loans for new and used vehicles with amounts up to ₹50 lakh; Commercial Vehicle Loans covering the full spectrum from light to heavy commercial vehicles; Loyalty Loans as pre-approved personal loans for existing customers; and Fixed Deposits offering returns up to 9.35% p.a. These products are distributed through a network of branches across India and digitally via the company's online platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Two Wheeler Loan Vehicle financing for new and used two-wheelers (motorcycles and scooters) targeting individual salaried/self-employed borrowers for personal commute and small-business use; up to 95% on-road financing, loan amounts up to Rs 3 lakh, and flexible tenure up to 48 months.
• Car Loan Financing for new and pre-owned cars targeted at salaried professionals, self-employed individuals, NRIs and pensioners; offers New Car Loan, Used Car Loan, Balance Transfer, Top Up Loan, and Refinance options with up to 100% funding, no collateral, loan amounts up to Rs 50 lakh, and tenure up to 84 months.
• Commercial Vehicle Loan Financing for commercial vehicles targeted at small business owners, transporters and fleet operators, including Used Commercial Vehicle Loan, New Commercial Vehicle Loan, Balance Transfer, Refinance and Top-Up Loan options covering small/light, intermediate, medium/heavy trucks, buses, and specialized transport vehicles, with up to 90% of vehicle cost funded and tenure up to 60 months (EOT up to 15 years by asset class).
• Loyalty Loan Pre-approved personal loan for existing Muthoot Capital customers with strong repayment history; loan amounts Rs 45,000 to Rs 75,000, tenure up to 24 months, rate of interest 18–28% p.a. (reducing balance), processing fee Rs 700+GST and documentation charges Rs 1,500+GST.
• Fixed Deposit Fixed-income investment product for individual investors, primarily Kerala residents; monthly income, annual and maturity schemes available for 12 to 60 month tenures, interest rates from 7.65% (12 months) to 8.60% (48 months), with additional 0.25% for senior citizens (effective up to 9.35% p.a.); minimum deposit Rs 1,000.

Quantifiable outcome

• Assets Under Management crossed Rs 3,000 Crore in 2025
• +2 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• ev.fin by GreavescoreStrategic or Co-development Partner · 1 January 2024Strategic Co-Lending Partnership between Muthoot Capital and ev.fin by Greaves aimed at shaping the future of e-mobility in India. This partnership enables financing for electric vehicles and supports green mobility initiatives.
• Muthoot Fincorp LimitedcoreChannel Partner/ Reseller/ DistributorMuthoot Fincorp Limited serves as a service provider to refer customers for Used Car Loan, Two-Wheeler Loan, Commercial Vehicle Loan, and Loyalty Loans through its online platform (Muthoot Fincorp ONE). This partnership leverages Muthoot Fincorp's extensive branch network for customer acquisition.

Scale indicators10 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Bajaj Finance: India's largest NBFC by AUM, offering two-wheeler, car, commercial vehicle, and consumer durable loans via a similar dealer-and-DSA-led distribution model; Muthoot Capital is a much smaller sub-scale peer in the same vehicle-finance category.
• Shriram Finance: Leading Indian NBFC focused on used commercial vehicles, used car finance, and small business lending; closely comparable to Muthoot Capital's CV and used-car loan product mix and its tier 2/3 customer focus.
• Mahindra Finance (Mahindra & Mahindra Financial Services): Captive NBFC for Mahindra vehicles with deep presence in auto, tractor, and used-car financing through dealer and rural networks; competes directly with Muthoot Capital in CV and used-car lending across India.
• Cholamandalam Investment and Finance Company: Murugappa-group NBFC with large vehicle finance, home equity, and SME lending books; comparable in product mix to Muthoot Capital and a frequently cited benchmark for mid-tier Indian vehicle-finance NBFCs.
• Sundaram Finance: TVS-group NBFC with strong South India presence in commercial vehicle, car, and two-wheeler financing; comparable in regional concentration and product overlap, particularly relevant given Muthoot Capital's Kerala roots.
• TVS Credit: Two-wheeler and used-car focused NBFC within the TVS group; direct competitor in two-wheeler dealer financing and similar customer profiles (rural/semi-urban borrowers) as Muthoot Capital.
• Hero FinCorp: Captive financier for Hero MotoCorp with extensive two-wheeler loan portfolio across India; one of the closest direct competitors to Muthoot Capital in the two-wheeler financing segment.
• Manappuram Finance: Listed Kerala-headquartered NBFC with vehicle finance, microfinance, and gold loan businesses; comparable as a South India-rooted diversified NBFC with overlapping customer segments and similar regulatory profile.

Broad incumbents

• HDFC Bank (Auto Loans): India's largest private bank with a deep auto-loan book through dealer partnerships; competes for the same two-wheeler, car, and CV customers as Muthoot Capital but with materially cheaper deposit funding.

Regional players

• AU Small Finance Bank: Small finance bank with strong vehicle finance and Wheelsemi-style dealer financing franchise across semi-urban and rural India; competes with Muthoot Capital for similar customer segments, particularly in tier 2/3 markets, though its bank license gives it a deposit funding advantage.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/muthootindia
• Facebookfacebook.com/MuthootIndia
• LinkedInlinkedin.com/company/muthoot-pappachan-group-india/?originalSubdomain=in
• Instagraminstagram.com/muthootpappachangroup

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Muthoot Capital