Muthoot Vehicle & Asset Finance

What Muthoot Vehicle & Asset Finance does

Muthoot Vehicle & Asset Finance Ltd (MVAFL) is a Kerala-based, RBI-licensed Deposit-Taking Asset Finance Company (NBFC-D) and the only company of its kind in the state. Established in 1992 as Muthoot Leasing and Finance Ltd and rebranded in 2008, the company operates under The Muthoot Group, a 133-year-old Indian financial conglomerate. MVAFL runs a multi-product lending and deposit-taking business across 58 branches in 12 districts of Kerala and Tamil Nadu, serving retail and small-business customers primarily for gold loans (since 2021), vehicle financing (cars, two-wheelers, commercial vehicles, used vehicles), and a recent push into EV loans. The company also accepts public deposits (Fixed, Recurring, Cumulative Deposits) and offers loan-against-deposit, money transfer, and insurance (via Magma HDI partnership) services. The branch-based go-to-market is supplemented by digital channels including the iMuthoot mobile app, online application portal, EMI calculator, and WhatsApp/Chat support.

The business model is a traditional NBFC spread-and-fee operation: revenue is generated primarily from interest income on secured loans (gold-backed and asset-backed), with additional fee income from loan processing, prepayment charges, and deposit-linked products. Pricing is asset-class-specific — gold loans from ₹1,500 minimum, vehicle loans up to 100% on-road funding with tenures up to 84 months, and deposits starting at ₹25,000 (FD) or ₹500/month (RD). The customer base exceeds 2 lakh individuals with cumulative loan disbursements above ₹600 Crores and public deposits of approximately ₹130 Crores. The company maintains a CRISIL A/Stable investment-grade rating and has raised debt capital through secured NCD issuances (most recently ~₹84 Crores in February 2020). Technology is standard NBFC infrastructure — digital onboarding, EMI calculation, mobile app, and dealer point-of-sale financing — with no disclosed AI/ML capabilities. Recent strategic focus has been aggressive gold-loan-led branch expansion across Kerala in 2025, indicating a deliberate push to scale the gold loan vertical by leveraging the Muthoot Group's core brand equity in this segment.

Name

Muthoot Vehicle & Asset Finance

Legal name

Muthoot Vehicle & Asset Finance Ltd

Website

https://mvafl.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Muthoot Vehicle & Asset Finance Ltd is an RBI-licensed Deposit-Taking NBFC based in Kerala offering gold loans, vehicle financing (cars, two-wheelers, commercial vehicles, EVs), and public deposits across 58 branches in Kerala and Tamil Nadu, serving retail and small-business customers under the Muthoot Group brand.

Ownership category

akta.pro rank

Product category

Vehicle and Asset Finance

NAICS

Sales Financing (52222), Depository Credit Intermediation (5221)

SIC

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

akta.pro primary industry

Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

akta.pro secondary industry

Motorcycle & Powersports Finance (FSAKADAG)

Keywords

• Vehicle financing
• Gold loan services
• Fixed deposit products
• Asset finance
• Consumer lending

Headquarters

HQ city

Kochi

HQ country

India

HQ region

Asia

Offices26 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Gold Loan Interest: Interest income from gold loans secured against gold ornaments. Gold loans expanded into in 2021 as part of diversification. Minimum loan amount of ₹1,500 with competitive interest rates.
2. Vehicle Loan Interest: Interest income from financing new and used cars, two-wheelers, and commercial vehicles. Up to 100% on-road funding available with tenure up to 84 months for cars.
3. Deposit Products: Acceptance of public deposits including Fixed Deposits, Recurring Deposits, and Cumulative Deposits. Company is RBI-certified Deposit Taking Asset Finance Company (DAFC).
4. Loan Against Deposit: Loan facility against existing deposits up to 75% of deposit amount after 3 months from deposit date.
5. Domestic Money Transfer: Wallet-based domestic money transfer services through Muthoot Money wallet with KYC compliance. Charges up to 1.5% of transfer amount as per RBI regulations.
6. Top-up Loans: Additional financing on existing vehicle loans based on repayment record and current asset value. Available to existing customers with satisfactory repayment history.
7. Loan Processing Fees: Nominal processing fees, documentation charges, and stamp duty for loan services.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Muthoot Vehicle & Asset Finance Ltd is an RBI-certified Deposit-Taking Asset Finance Company (NBFC-D) offering secured lending against gold ornaments, vehicle financing (new and used cars, two-wheelers, commercial vehicles), and deposit products (Fixed, Recurring, Cumulative Deposits). It also provides loan against deposit, top-up loans, vehicle loan takeovers, and domestic money transfer via the Muthoot Money wallet.

Product overview

Muthoot Vehicle & Asset Finance Ltd (MVAFL) operates as a multi-product financial services company offering a comprehensive suite of financial solutions across two main categories: Liability (Deposit) products and Asset (Loan) products. The deposit portfolio includes Fixed Deposits, Recurring Deposits, Cumulative Deposits, and Loan Against Deposit. The loan portfolio centers around Gold Loans (including New Gold Loan, Take Over Loan, and Top Up Loan variants) and Vehicle Loans (covering Car Loans, Two Wheeler Loans, Commercial Vehicle Loans, Used Vehicle Finance, Loan Against Vehicle, and Take Over Loans). The company also offers EV financing options for cars and two-wheelers. Digital services include an EMI Calculator, NACH Cancellation portal, iMuthoot mobile app, Domestic Money Transfer wallet, and Chat/WhatsApp customer service integration. The company was established in 1992 as Muthoot Leasing and Finance Ltd and rebranded in 2008 to reflect its comprehensive range of financial solutions. As an RBI-certified Deposit-Taking Asset Finance Company (NBFC-D) and middle-layered NBFC, MVAFL operates through 58 branches across 12 districts in Kerala and Tamil Nadu, supported by the Muthoot Group's network of over 6,500 branches nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• Haathi Mera Saathi: CSR umbrella initiative by Muthoot Finance focusing on sustainability and community welfare
• Muthoot Aashiyana

Products and services

• Gold Loans Secured loan product issued against customer gold ornaments with minimum amount of ₹1,500, prepayment and part-payment options, flexible repayment, and minimal documentation. Available to individual borrowers seeking quick liquidity.
• Car Loans Financing for new and used cars with minimum loan of ₹75,000 (new) or ₹50,000 (used), up to 100% on-road funding, tenure up to 84 months, and quick approval. All cars financed except ambulances.
• Two Wheeler Loan Financing for bikes and scooters with up to 100% on-road funding, loan amount from ₹25,000 to ₹10 Lakhs, tenure 12-48 months, no mandatory income proof, and approval within 24 hours.
• Commercial Vehicle Loans Financing for new and used commercial vehicles with minimum loan of ₹100,000 (new) or ₹75,000 (used), up to 100% of ex-showroom price, tenure 12-72 months, and competitive interest rates.
• Used Vehicle Finance Financing for purchase of used/second-hand vehicles and loans on unencumbered vehicles owned by the customer with guaranteed low rates and fast approvals.
• Loan Against Vehicle Loan facility against assets owned by businesses or individual borrowers with existing finance agreements. Can help reduce monthly outgo by consolidating existing finance.
• Vehicle Loan Take Over Loan product allowing customers to transfer their existing vehicle loan from another institution to MVAFL for better interest rates and higher loan amounts.
• Top Up Loans Additional financing for existing vehicle loan customers with at least one year of satisfactory repayment. Maximum 24 months tenure commencing after one month of disbursement.
• Fixed Deposit Deposit product with interest payable monthly, half-yearly, or annually. Minimum deposit of ₹25,000 with subsequent multiples of ₹1,000. CRISIL A/Stable rated.
• Recurring Deposit Deposit product requiring minimum monthly deposits of ₹500 with subsequent multiples of ₹100, with interest paid on maturity.
• Cumulative Deposit Deposit product where interest is paid on maturity along with principal. Minimum deposit ₹25,000 with multiples of ₹1,000.
• Loan Against Deposit Loan facility against existing fixed deposits up to 75% of deposit amount after 3 months from deposit date. Interest charged 2% above contracted deposit rate.
• Domestic Money Transfer Wallet-based money transfer service with full KYC compliance allowing cash loading and fund transfers to bank accounts across India with maximum charges of 1.5% of transfer amount, via Muthoot Money wallet.
• Vehicle Auction Auction service for repossessed vehicles available across multiple locations in Tamil Nadu including Chennai, Coimbatore, and other districts.

Quantifiable outcome

• 2 Lakhs+ happy customers served
• +4 more outcomes

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Magma HDI General Insurance Co LtdcoreStrategic or Co-development Partner · 18 February 2020Insurance partnership for providing and financing Two Wheeler and Car Insurance at competitive rates through tie-ups. The insurance facility is provided through tie-up with Magma HDI General Insurance Co Ltd for vehicle loan customers.
• MUFG Intime India Private LimitedminorOthers · 18 February 2020Registrar to the Issue for NCD issuances, handling all documentation, record-keeping, and investor communications related to the debenture program.

Scale indicators8 records

Recent moves15 records

Expansion highlights6 records

Broad incumbents

• Bajaj Finance: India's largest diversified NBFC with extensive vehicle-loan, consumer-finance, and deposit products. Comparable asset-finance offerings but with national reach, stronger digital channels, and significantly cheaper cost of funds.
• Muthoot Finance: Flagship NBFC of the same Muthoot Group and India's largest gold-loan NBFC. Directly comparable product overlap (gold loans, vehicle finance, deposits), with vastly larger national scale of 6,500+ branches and asset base.
• Shriram Finance: Large NBFC focused on commercial vehicle, two-wheeler, and SME lending. Comparable vehicle-finance franchise with similar customer profile of small-business owners and first-time vehicle buyers.
• Sundaram Finance: South India-headquartered NBFC specializing in commercial vehicle, car, and tractor financing with strong Tamil Nadu/Kerala presence. Highly relevant regional peer with overlapping vehicle-finance products.
• HDB Financial Services: HDFC Group NBFC providing vehicle loans, gold loans, and personal finance with strong digital infrastructure. Comparable deposit-taking NBFC-D structure and diversified asset-finance franchise.
• Cholamandalam Investment and Finance: Murugappa Group NBFC, one of India's largest vehicle-finance players covering cars, two-wheelers, commercial vehicles, and used vehicles. Comparable vehicle-loan product mix but with national scale and tighter used-car underwriting.
• Mahindra Finance: Auto and tractor-finance NBFC with captive dealer relationships. Directly comparable commercial-vehicle and passenger-vehicle loan products, though it does not accept public deposits.

Direct peers

• IIFL Finance: Diversified NBFC with material gold-loan and vehicle-finance books, including home loans and SME finance. Closely comparable in offering gold loans, personal/vehicle loans, and deposit products to retail customers.
• Manappuram Finance: Kerala-headquartered NBFC offering gold loans, vehicle finance, and microfinance. Closest direct competitor with overlapping customer base, similar branch-led GTM, and comparable gold-loan and asset-finance product suite.

Regional players

• Kerala State Financial Enterprises (KSFE): Kerala state-owned chit fund and finance company with deep Kerala retail deposit base. Comparable deposit mobilization and Kerala retail customer focus, though chit-fund-centric rather than asset-finance-led.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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 Vehicle & Asset Finance