Mumbai, Jan. 31: Buoyed by the success of its "ladies only" two-wheeler loans in south India, Muthoot Capital Services - the flagship company of Kerala-based Muthoot Pappachan Group - is planning to introduce the scheme in Bengal.

The scheme offers two-wheeler loans at a lower interest rate of 7.19 per cent if the vehicle is registered in the name of a woman. The interest rate is 9.5-11 per cent for other borrowers.

Sources said the scheme would initially be available through the outlets of Muthoot Fincorp in Calcutta, Durgapur and Hoogly and extended to other locations later. The company also plans to target dealers in the future.

Since the launch of the scheme in south India in October 2014, Muthoot Capital Services has disbursed over 46,000 loans, totalling over Rs 210 crore till December.

The company's business under the scooter segment has risen 42 per cent during the first half of this fiscal, after the scheme. Kerala accounted for 67 per cent, followed by Karnataka at 14 per cent and Tamil Nadu at 7.62 per cent.

"At a larger level, the scheme has helped to enhance the women customer base for us. It has grown to nearly 25 per cent from 13 per cent last year. We are targeting to reach a level of 30 per cent by March 2016," Thomas George Muthoot, managing director of Muthoot Capital Services, said.

A similar scheme of cheaper rate runs for bank home loans.

The State Bank of India offers home loans to women borrowers at an interest rate of 9.50 per cent against 9.55 per cent for other borrowers.

However, in case of the SBI, the woman has to be the sole applicant or one of the co-applicants for the loan and she should be the sole owner or one of the co-owners of the property proposed to be financed by the bank.

"The scheme is a big success on account of a growing number of working women and their increasing buying capacity. We are planning to introduce the scheme in Delhi, Rajasthan, Punjab, Uttar Pradesh, Himachal Pradesh and Bengal," Manomohanan R, CEO of Muthoot Capital Services, said.