Winners of Safalya announced

BANGALORE: Manappuram Finance Ltd, has announced the winners of 'Safalya,' a nationwide contest held by the company to encourage its borrowers to share their personal stories about how they have used gold loans for productive purposes.The first prize was awarded to a contestant from Berhampur, Dillip Dora, a tractor driver who used a gold loan to part-finance the purchase of a second hand tractor and become a tractor owner.The second prize was given to V Rajani, a widow from Palakkad (Kerala) who upon the death of her husband, took a gold loan against her jewellery to start a small catering business that is now doing well.ln third place was D Kanagaraj from Namakkal (Tamil Nadu) who after working for two years in a poultry farm on meagre wages, used a gold loan to set up a shop dealing in sales and service of mobile phones.Speaking at a function held today at the company's head office at Valapad honouring the second prize winner, Manappuram chairman V P Nandakumar said that gold loans have in recent years undergone a change in character.Once associated with distress, gold loans are now increasingly used for productive purposes. Today, about half of the company's gold loan customers belong to the farming and small business.Even when they enjoy credit facilities from nationalised banks, gold loans continue to be favoured for its flexibility and hassle-free experience.Earlier, the company had held the contest during March/April under the name of 'Safalya,' inviting borrowers to submit brief accounts of their own success stories in using gold loans for productive purposes.