Wednesday 23 November 2011
Fedbank launches Fast Gold Loan
Fedbank Financial Services Ltd Fedfina launched its first loan product ‘Fast Gold Loan’ in Chennai yesterday.
Some features of the product includes gold jewellery within 20 to 24 carat acceptable under pledge, loan up to 90 per cent of the gold value at current market rate and 'hassle free' loan on borrowers without any income proof against unsecured personal loans.
Speaking at the launch, deputy general manager and acting head of Fedbank P K Mohapatra said, 'While the organized market is only 0.12 per cent of total gold stock value at around Rs 40000 crore, the unorganized market is around three to four times of the organized market.'
He added that the bank intends to introduce more value products for customers in future and the bank’s current disbursement is Rs. 3.1 lakh per branch per day offering 12 to 24 per cent per annul.
Some features of the product includes gold jewellery within 20 to 24 carat acceptable under pledge, loan up to 90 per cent of the gold value at current market rate and 'hassle free' loan on borrowers without any income proof against unsecured personal loans.
He added that the bank intends to introduce more value products for customers in future and the bank’s current disbursement is Rs. 3.1 lakh per branch per day offering 12 to 24 per cent per annul.
