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Kolkata-based Allahabad Bank is planning to roll out its gold loan scheme – loan against gold jewellery as collateral – nationally.
Currently, the scheme is operational in four southern states namely, Andhra Pradesh, Kerala, Karnataka and Tamil Nadu; and, in Kolkata.
It is expected to be rolled out in Nagpur by the end of this month, AK Chatterjee, General Manager, Allahabad Bank said.
The gold loan scheme was rolled out in Kolkata on July 1, across 25 branches in the city and sub-urban areas.
“We are looking at a phase-wise pan-India roll out of the scheme. The western and northern parts of the country are next on our radar,” he said.
Currently, gold loan accounts for approximately Rs 200 crore of its retail loan portfolio that stands at around Rs 19,000 crore.
“We are looking at expansion of the portfolio as this will help not just in building up our customer base, but gives us an opportunity to cross. Plus, these gold loans do not attract any capital,” Binod Kumar, General Manager (Planning & Development, Publicity & Marketing) said.
Allahabad Bank would sanction a maximum of Rs 5 lakh as loan against gold jewellery with an annual interest of 12.5 per cent. The bank claims that loans would be sanctioned in half-an-hour.
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