As a part of Azadi Ka Amrit Mahotsav celebrations, the HDFC Bank has announced that it has added 75 gold loan desks to its branch network in Uttar Pradesh, taking the total number of branches to 253.
At a function organised here on Wednesday, Finance Minister Suresh Khanna inaugurated the gold loan desks in the presence of HDFC Bank officials, including Akhilesh Kumar Roy, Branch Banking Head, Uttar Pradesh and Uttarakhand.
“The bank is working towards making all its branches in the state capable of processing gold loans in the ongoing financial year. This facility will allow people to make the most of their idle gold with minimal documentation and transparency in charges. Gold loans are available with flexible tenure and repayment options -- tenures starting from three months and going up to 36 months,” the minister said.
Gold loan applicants include a varied segment ranging from both salaried as well as self-employed categories. People exploring quick loans for a short duration with minimal documentation will benefit from this facility.
Roy said: “We are expanding our gold loan desk network in the state to meet the fast-growing demand for gold loans in the state. We are witnessing customers shifting from unorganised moneylenders and pawnbrokers. Moneylenders and pawnbrokers are not only unregulated but also charge higher interest rates. Our network of gold loan desks will help the general public take loans against the idle gold to meet their financial needs.”