The Central Bank of India on Saturday organised an awareness programme towards gold loan in its premises. The aim of organsing this programe is to spread awareness and easiness of gold among the masses with the help of media fraternity, said Field General Manager Central Bank of India Ajay Vyas during an awareness programme for media fraternity by at Regional Office on Friday.
FGM Vyas said that in the past 15-20 days, gold loans of Rs 8 crore have been disbursed in Madhya Pradesh region and there is need to spread awareness of gold loan as gold collection is culture.
Deputy Zonal Manager V Balajirao said that gold is the safest investment and availing loan on it is the easiest way and Central Bank of India provides one of the lowest rates at 10.4 percent among its peer competitors. Individuals can avail loan from Rs 10,000 to Rs 20 lakh for a period of 12 months and which is later renewed. For farmers the loan rates is 7 per cent for loans till Rs 3 lakh and if repayment is on time further 4 per cent rebate in the interest rate is provided.