IndusInd Bank Doubles Number of Branches Offering Gold Loans

IndusInd Bank has expanded its gold loan offering by nearly doubling its branches to 500, amid increased demand from households and small traders. The bank aims to provide secure, accessible credit, despite recent price volatility, with instant disbursals and minimal documentation.

IndusInd Bank has significantly increased its branch network dedicated to gold loans, nearly doubling it to 500 locations, according to its announcement on Friday. This strategic expansion aims to enhance secured credit accessibility for clients, with gold loans being a preferred option amid rising prices.

The bank has added 245 branches to its gold loan services, catering to a high demand from households, small traders, and agriculture-linked customers. Amid recent gold price volatility, the RBI has expressed confidence in the sector's stability. The surge in demand highlights the appeal of quick liquidity through gold holdings.

Offering loan disbursals of up to Rs 1 crore with minimal documentation, the bank ensures competitive interest rates and flexible tenure options. Soumitra Sen, head of consumer banking, stated that this initiative will bolster the bank's retail lending portfolio, with dedicated gold loan desks and secure storage for collateral.

(With inputs from agencies.)