Money & Banking

IDBI Bank launches specialised gold loan branches

Mumbai | Updated on August 05, 2020

IDBI Bank has launched four specialised gold loan branches “IDBI Swarna Kalash” by remodelling its existing branches at Neelamangalam and Sivaganga (both in Tamil Nadu), Vijaya Nagar (Bengaluru) and L.B. Nagar (Hyderabad).

Rakesh Sharma, MD & CEO, said: “We have witnessed a surge in the demand for gold loan and have conceptualised “Swarna Kalash” as a premium offering. Our focus is on creation of such specialised branches to cater to the demand in the market and facilitate an easy access to our gold loan customers.”

The bank, in a statement, said these branches will facilitate quick, transparent and hassle free gold loan financing. They will cater to the increasing credit demand in the Agriculture, Priority Sector Lending, and rural markets.

The gold loans will be offered at interest rate starting from 8 per cent. Overdraft facility is also available under these loans and can be applied via a digital platform.

Published on August 05, 2020

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