JK Bank expands delivery network for Gold Loan Scheme

Srinagar : J&K Bank Managing Director & CEO Baldev Prakash on Thursday rolled out the scaling up of Gold Loan Scheme under the slogan “Cash in Need, Gold Indeed” to 150 designated branches in an event held at the Bank’s corporate headquarters. The launch event was attended by Bank’s General Managers, Deputy General Managers and other senior officials.
The scale-up will see 152 designated J&K branches extending easy , economical and speedy loan facility to customers simply after pledging their Gold Ornaments and Jewellery. The bank offers concession of 50 bps (1/2 percentage point) to women borrowers under the revised scheme which has been aligned with the requirements of borrowers at competitive pricing.
While commending the concerned department for devising a customer friendly scheme, MD & CEO urged the operational levels to ensure that borrowers are made aware of the benefits of the facility. He said, “We have always strived for devising loan/deposit schemes that cater to the business/personal/domestic needs of our customer base spread across the country. And the product that enables customers to retain ownership of their gold without worrying for its safekeeping, while meeting their immediate and important needs, holds great potential in geographies where people in every strata of society possess some kind of gold Jewellery.” The idea behind augmentation of designated branches to 152 which was earlier limited to 9, he said, is to provide more centres to our customers across the country for availing the facility.
“Moreover, 50bps interest-rate concession is being provided to female borrowers in line with our vision of providing more opportunities to women.” he added.
Earlier, while highlighting main features of the scheme General Manager Consumer & Commercial Banking Ashutosh Sareen said, “It is a short-term loan with a 6-12 month tenure for borrowers in the age-group between 18-70 years. The quantum of finance under this scheme shall range from Rs. Ten Thousand to Rs. Fifteen Lacs”, adding that instead of selling the gold to meet their different needs, J&K Bank’s gold loan scheme provides its customers a buffer to receive cash through a hassle-free and swift process with ease-of-payment through well-structured EMIs or bullet payment as per convenience.