Gold Loan sector is amplifying with new schemes

Financial needs emerging due to the measures taken to curb Covid-19 pandemic has led different banks and NBFCs to introduce new gold loan schemes to satisfy the secured loan requirements of people.

The country’s socio-economic order is going through rapid change. It is becoming very challenging to manage your daily expenses, a continuation of business, health expenses.

Hence, financial institutions are stepping up to ensure these demands are met by providing hassle-free credit.

If you need a quick, hassle-free experience of getting a loan, then secured loan product such as Gold Loans are the

The business vertical is expected to address these needs and to provide hassle-free credit. The gold loan products are designed keeping in mind the need for a quick, hassle-free experience for customers, and at low interest cost. The loans are expected to help the customers with much-needed liquidity to revive their business activities, and bring normalcy back to their lives.

With this objective, Canara Bank has launched this special gold loan campaign till June 30 with interest rate as low as 7.85 per cent per annum.

The low turnaround time (TAT) ― time taken from applying for the loan till the loan is disbursed ― and high flexibility of the loan, are the highlights of the product. The loans, which come with flexible repayment options, are payable within one to three years.

The credit can be utilised for different purposes, such as for agriculture and allied activities, business needs, health emergencies, and personal needs, among numerous other requirements.

D Vijay Kumar, General Manager, Canara Bank, said, “The loan facility can be availed from all designated branches pan India. Gold, a precious commodity, is widely held by Indians as a family asset in the form of jewellery and coins, but is seldom leveraged for monetary requirements. In times of need, this asset can be utilised to avail credit to support emergency cash requirements.”

He added, “We understand the depth of the issues our customers are currently facing due to the Covid-19 pandemic and they are in need of immediate credit support to meet their emergency needs.”