Sunday, Apr 14 2024 | Time 04:49 Hrs(IST)
image
Business Economy


Kotak Mahindra launches ‘Smart Choice’ Gold Loan for Aspirational customers

Mumbai, Feb 29 (UNI) Kotak Mahindra Bank Limited ("KMBL" / "Kotak") here on Thursday announced the launch of ''Smart Choice'' Gold Loan, a smarter solution for Aspirational customers.
With 5 key features, Kotak Smart Choice Gold Loan offer a compelling alternative to conventional credit options.
The key features include fixed monthly interest rate as low as 0.88%, NIL processing fee, same-day disbursement, flexible repayment options, and minimal documentation.
According to a World Gold Council report, Indian households have 27,000 tonnes of gold. Further, CIBIL data from Dec ‘23 shows gold loan industry advances at Rs 7.15 lakh crore, which has grown at CAGR of 19% for the last 3 years.
Soaring gold prices and easier availability of gold loan from banks and NBFCs have led to a growing number of consumers unlocking the value of their gold jewellery to meet their credit needs.
Kotak ‘Smart Choice’ Gold Loan was developed basis consumer research gathered by the Bank. It highlighted the need for a product that offers consumers the maximum value and flexibility to meet their credit needs.
Unlike other credit products which have stringent eligibility criteria, gold loan has a simpler application & disbursal process. By utilising gold as a collateral, borrowers can enjoy lower interest rates compared to conventional credit, translating to savings during the course of the loan tenure.
Shripad Jadhav, President – Retail Agriculture and Gold Loans, Kotak Mahindra Bank said, “Gold loans are a versatile financial product and cater to a wide range of consumer needs. Easy accessibility, same day processing, attractive pricing, and the security of gold jewellery contribute to its appeal among aspirational consumers.
As a result, an increasing number of individuals are considering gold loans as a cost-effective option comparable to other credit products, indicating a shifting trend in consumer financial behaviour. Kotak ‘Smart Choice’ Gold loans can serve as an easy and reliable financial tool to bridge the gap between aspirations and reality,” Jadhav said.
UNI AAA CS2032
More News

AMCCIE demands withdrawal of new hike in electricity tariff

13 Apr 2024 | 6:21 PM

Pune, Apr 13 (UNI) The Agarwal Marwadi Chamber of Commerce Industries and Education (AMCCIE) on Saturday wrote a letter to Chief Minister Eknath Shinde demanding withdrawal of new hike in electricity tariff imposed by Maharashtra State Electricity Board from this month.

see more..

Kottayam-Kochi Rubber Market Rates

13 Apr 2024 | 5:50 PM

Kottayam, April 13(UNI) Following were the Rubber Market rates announced by the Rubber Board here on Saturday per quintal.

see more..

Institutional investments in real estate nosedive as foreign investors turn cautious

13 Apr 2024 | 5:03 PM

New Delhi, April 13 (UNI) Institutional investments in the country’s real estate sector slumped 55% year-on-year to US$ 552.1 million in January-March quarter (Q1) of 2024 as foreign investors stayed away from the market in the wake of global macro-economic uncertainties and geo-political tensions, property consultant Vestian said in a report on Saturday.

see more..
AP: Granules India’s Unit V facility at Anakapalle completes US FDA Inspection

AP: Granules India’s Unit V facility at Anakapalle completes US FDA Inspection

13 Apr 2024 | 4:45 PM

Visakhapatnam (Andhra Pradesh), Apr 13 (UNI) Granules India Limited, announced on Saturday that the Company’s Unit V facility located at Anakapalle has successfully completed the US Food and Drug Administration (FDA) inspection.

see more..

Hyderabad: HP launches AI-enhanced laptops for gamers

13 Apr 2024 | 4:44 PM

Hyderabad, Apr 13 (UNI) HP has launched AI-enhanced laptops designed for gamers and content creators here on Saturday.

see more..
image