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.