Kochi-based Gold Dimensions Pvt Ltd has introduced a mobile app using which customers can take out gold loans on easy and borrower-friendly terms from banks .

The app named My Gold Bazzar.com helps locate suitable banks, both in the private and public sectors, for speedy disbursal of loans at lower interest rates and high per gram rate, Tomy K Augustine, one of the promoters of the company, said.

Also read: Big Story | Five cautions against money-lending apps

The main feature of the app is that prospective borrowers can easily locate lenders that offers customer-friendly features such as low rate of interest, high per gram rate, low service charge, and quick service, among others. The facility of takeover of existing loan is also offered by this app.

This is for the first time in the country that an app for gold loans has been launched, he said. Users can also obtain daily gold rates through this app. In an initial offer, the company will return a part of the interest paid if the loan is closed after 30 days, he said.

Also read: CSB banks on gold loans to drive growth

The company intends to expand across South India within three months, and pan India in the next six months, he added.

The app was launched by Jose Dominic, Director and Co-founder of CGH Earth Group.

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