Kochi Mayor Anilkumar inaugurates BKP Commercial’s first branch on Azad Road, Kaloor Kochi. Also seen are Rajani Mani, Corporation Councilor; Priya Anu, MD, BKP Commercial and Anu T Cherian, Chairman, Ettutharayil group.
Kerala-based Ettutharayil group, which has been in the business of financial services for the past two decades, has acquired New Delhi-based NBFC BKP Commercial India. The group which currently operates in savings, insurance and investment sectors will thus branch out into vehicle loans and various other secured loans including loans against property and gold loans. Priya Anu, Managing Director, BKP Commercial, said the company will also open new branches inside and outside Kerala. At present, Ettutharayil has got 14 branches in Kerala while BKP will open 15 more branches in 2021. In these, 5 branches will be functional within three months, she said. The company’s first branch in Kerala was inaugurated in Kochi by the city’s mayor Adv M. Anilkumar on Monday. In 2021-22, BKP Commercial also targets to disburse loans worth around Rs60-70 crores.
Priya Anu also said BKP will focus on technology-based loan instruments considering the current market conditions and customer requirements. For instance, considering the still-lingering covid pandemic, BKP has launched Doorstep Gold Loans for senior citizens and working women. Another product launched, Online Gold Loan, provides the customers the safety of keeping their unused gold ornaments in BKP’s lockers with insurance cover and avail loans as and when required for up to 75% of the value of gold. BKP has also launched Salary Bridge Loan in association with employers having 10 or more employers while it’s another new product, Digi Passbook Business Loan, targets small and medium traders offering short term loans for business purposes based on the volume of their digital transactions. Priya Anu said the company has recently concluded a rights issue and is currently raising part of their fund requirements through an NCD issue.
