World Gold Council (WGC) has got-together with HDFC Bank to offer personal loans for gold buyers. The step taken is in effort to boost gold sales in India. The service is expected to be launched across the country over next few days.
HDFC will provide personal loans at an interest rate of 16%. In place of security against the loan the bank will keep back the purchased gold on behalf of the customers until the entire cost is paid back to the bank. Starting three months from the date of purchase the consumer can pay the entire amount of loan in installments.
Initially the bank will provide loans for up to 50gm of pure gold but plans to provide loans for bigger investors too in the future.
HDFC will provide personal loans at an interest rate of 16%. In place of security against the loan the bank will keep back the purchased gold on behalf of the customers until the entire cost is paid back to the bank. Starting three months from the date of purchase the consumer can pay the entire amount of loan in installments.
Initially the bank will provide loans for up to 50gm of pure gold but plans to provide loans for bigger investors too in the future.
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2 comments:
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