Federal Bank, Kerala based private sector bank has reportedly introduced ‘Apna Gold Loan’ facility for its consumers. Under this scheme, Customers can deposit gold coins (up to 50 gm) and jewellery with the bank, just like putting it in a bank locker. Once the gold jewellery is deposited, the bank will appraise it and give a list of inventory. The bank will sanction an overdraft in the savings account of the customer equivalent to 75 per cent of the value of gold deposited. If a customer uses the overdraft then he has to repay it within one year and pay interest only for the period the money is used.
The bank offers the Apna Gold loan across its 1,200 branches and intends to focus on Maharashtra, Gujarat, Tamil Nadu, Karnataka and Punjab. The lending rate on Apna Gold loan is 12-14 percent a year against 32 percent charged on credit card cash withdrawals.
The bank’s net profit for the quarter ended December 31, 2014, rose by 15.01% at Rs 264.69 crore as compared to Rs 230.13 crore for the quarter ended December 31, 2013. The bank’s total Income has increased by 10.24% to Rs 2090.01 crore for the quarter under review from Rs 1895.92 crore for the corresponding quarter of the previous year.
Company Name | CMP |
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HDFC Bank | 1797.65 |
ICICI Bank | 1297.65 |
Axis Bank | 1079.35 |
Kotak Mahindra Bank | 1749.40 |
Indusind Bank | 934.60 |
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