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Greater Bombay Cooperative Bank today said that it will offer loan against gold ornaments with a free savings account to customers.
Borrowers can avail themselves of a loan ranging from Rs 10,000 to Rs 25 lakh at an interest rate of 13 per cent per annum on a daily reducing balance without any documentation charges within an hour.
Narendrakumar Baldota, Chairman, Greater Bank, said, “Our customers in Mumbai, Navi Mumbai, Thane-Dombivali and Mira-Bhayandar will be the beneficiaries of the scheme since it offers credit to customers against mortgage of small amount of gold ornaments. We have installed special gold valuation machines at all our branches operational from 8 am to 8pm.”
The money offered is based on the prices of the base rate (i.e, 24 karat gold is Rs 2,100 as per the base rate and this base rate changes every month as per the average of the previous three months).
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