Considering the emerging financial needs of people in the backdrop of the pandemic, Karnataka Vikas Grameena Bank has launched a new gold loan scheme “Vikas Laghu Suvarna’, slashing its gold loan interest rates.
Launching the new scheme in Dharwad on Friday, KVG Bank chairman P. Gopal Krishna said the new scheme with interest rate as low as 7.25% had been launched to cater to customers who required easy and affordable credit.
Mr. Krishna said that as gold loans were easy to get during emergences with minimal procedure, they were still popular among customers. Under the new scheme, 80% of the market value would be given to the customers subject to a maximum of ₹3,200 per gram and a maximum loan of ₹15 lakh would given. At present, the bank had ₹410 crore under gold loan portfolio with a target of disbursing minimum ₹100 crore further before December 31, he said.
General Managers Chandrashekhar D. Moro, P. Nageswara Rao, and B.C. Ravichandra, Chief Manager V.V. Yaji and others were present.
