Up to date: Might 18, 2020 13:42 IST
New Delhi [India], Might 18 (ANI): Public sector Canara Bank mentioned on Monday it has launched a enterprise vertical devoted for gold loans to satisfy rising monetary wants of consumers in view of the present challenges and uncertainties.
It mentioned the COVID-19 pandemic has modified socio-economic order of the nation and managing on a regular basis bills, enterprise continuity, well being and household care are a problem for a lot of.
With this goal, the financial institution has launched a particular gold mortgage marketing campaign until June 30 with an rate of interest of seven.85 per cent each year. The loans are payable inside a interval of 1 to 3 years with versatile reimbursement choices.
“Gold is extensively held by Indians as a household asset within the type of jewelry and cash. Nonetheless, it’s seldom leveraged for financial necessities. In occasions of want, this asset could be utilised to avail credit score to help emergency money necessities,” mentioned D Vijay Kumar, Normal Supervisor for Gold Loans Division.
The credit score could be utilised for agriculture and allied activities, business needs, health emergencies and personal needs. The mortgage facility could be availed from all designated branches pan India, the financial institution mentioned in a press release.
After the amalgamation of Syndicate Financial institution on April 1, Canara Bank has attained the place of fourth-largest public sector financial institution within the nation with a complete enterprise of Rs 15.53 lakh crore. It has 10,403 home branches, 13,448 ATMs and about 6,000 enterprise correspondents. (ANI)