SVC Co-op Bank launches Flexi Gold Loan with longer tenure

SVC Co-operative Bank Ltd on Monday launched Flexi Gold Loan plan to provide high amount loan for a longer tenure. SVC Bank Flexi Gold Loan will offer flexibility to opt for high loan amounts for a longer tenure, with first 6 months being limited to repayment of interest.

SVC Co-operative Bank Ltd on Monday launched Flexi Gold Loan plan to provide high amount loan for a longer tenure. SVC Bank Flexi Gold Loan will offer flexibility to opt for high loan amounts for a longer tenure, with first 6 months being limited to repayment of interest. It's only after the first 6 months that customer would be required to repay the principal as a part of the EMIs, the bank said in a release.

Flexi Gold Loan will come with lower interest rates, zero processing fees and quick processing – thereby offering a rewarding experience to the customers, SVC Bank said. Post the outbreak of the global pandemic, the economic impact has paved the way for gold and silver to become one of the most preferred mediums to have speedy financial liquidity through pledging of the metals.

SVC Bank's value proposition on gold loans includes better valuation, timely disbursal, assurance of returns upon repayment, and competitive interest rates. "As India unlocks and rebuilds itself, SVC Bank Flexi Gold Loan will help customers, by reducing the EMI burden in the first six months, thus proving to be the go-to-partner in times of financial distress," said Sanjay Rajoria, DGM - Retail Distribution, SVC Bank.

The bank has witnessed a surge in the loan portfolio in the past year, more specifically in the gold loan proposition, he said. SVC Bank has more than 10 lakh customers across 198 branches in the country.