Money & Banking

KVGB launches new gold loan scheme

Our Bureau Mangaluru | Updated on September 18, 2020 Published on September 18, 2020

The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB) has launched a special gold loan scheme -- Vikas Laghu Suvarna -- with a reduced interest rate of 7.25 per cent.

Quoting P Gopi Krishna, Chairman of the bank, a press release said on Friday that the bank has reduced the rate of interest to provide easy and affordable credit to needy customers at a cheaper cost considering the pandemic situation in the country.

Under this scheme, the bank is giving 80 per cent of the market value of the gold subject to a maximum of ₹,3200 a gram. A maximum loan of up to ₹15 lakh will be provided. The loan is repayable within six months, he said.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on September 18, 2020
This article is closed for comments.
Please Email the Editor