Thursday, July 10th 02:38 PM IST

Allbank introduces Gold loan scheme in Kolkata

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Allahabad Bank launched its Gold Loan Scheme in 25 branches in Kolkata and its suburbs. Gold loan business of the bank was so far concentrated in South India.

KOLKATA(Bullion Street): Allahabad Bank launched its Gold Loan Scheme in 25 branches in Kolkata and its suburbs. Gold loan business of the bank was so far concentrated in South India.

Speaking at a Press conference to announce the launch Ashok Chatterjee, GM Allahabad Bank, said the loan will be available up to a maximum of Rs 5 lakh with a 25 per cent margin on the actual value. Valuers will be posted at all the 25 branches for the purpose.

The tenure of the loan will be five years and will be available at an interest rate of 12.5 per cent. The bank has an exposure of about Rs 200 crore under gold loan portfolio in 4 major southern states.

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