IDBI Bank announced the launch of specialised gold loan branches branded as IDBI Swarna Kalash, by remodeling its existing branches. These branches are located at Neelamangalam, Sivaganga, Vijaya Nagar, Bengaluru and L B Nagar, Hyderabad.
IDBI Bank in their Q1 FY21 Financial Results reported an increase in the growth trajectory with gold loans as one of the premium product with minimum delinquencies.
These specialised gold loan branches will facilitate quick, transparent and hassle free gold loan financing. The gold loans are offered at a competitive interest rate, starting from 8% p.a, to cater to the increasing credit demand in the agri, PSL, and rural markets. Overdraft facility is also available under these loans and can be applied via a digital platform.
Rakesh Sharma, MD and CEO, through a virtual mode, inaugurated these four branches in the presence of Deputy Managing Directors — Samuel Joseph and Suresh Khatanhar, and Executive Director, Rajeev Kumar.
Speaking at the launch program, Sharma MD and CEO said, “We have witnessed a surge in the demand gold loan and have conceptualised ‘Swarna Kalash‘ as a premium offering of IDBI Bank. Our focus is on creation of such specialized branches to cater to the demand in the market and facilitate an easy access to our gold loan customers.”
