IDBI Bank launched four specialised Gold Loan branches “IDBI Swarna Kalash” by remodelling the existing offices at Neelamangalam and Sivaganga (both in Tamil Nadu), Vijay Nagar (in Bengaluru), and L.B. Nagar (in Hyderabad).
The MD & CEO of the bank, Mr Rakesh Sharma stated that it has been witnessed a surge in demand for the gold loan and has conceptualised Swarna Kalash” as a premium offering. The main focus of the IDBI bank is on the creation of such specialized branches to serve the demand in the market and facilitate easy access to the gold loan customers.
The bank, in a statement, said that these branches would facilitate quick, transparent, and hassle-free gold loan financing. They will serve to the increasing credit demand in the Agriculture, Priority Sector Lending, and rural markets.
The gold loans will be offered at interest rates starting from 8 per cent. Overdraft facility is also available under these loans and can be applied via a digital platform.