Private sector lender, HDFC Bank on Friday added 26 gold lending offices to its branch network in Maharashtra. With the latest addition, the lender now offers gold loans from its 212 branches out of 711 bank branches in the state.
In a statement, HDFC Bank said it was working to make all its branches in Maharashtra capable of processing gold loans by the end of the current financial year. This facility will allow people to get the most out of their idle gold with minimal documentation and fee transparency.
Gold Loans will be available for terms ranging from 3 months to 36 months.
Abhishek Deshmukh, Banking Branch Manager – Maharashtra, HDFC Bank said, “Maharashtra is one of the fastest growing and developing states in India. Gold Loan allows people to get funds quickly with minimal documentation. These branches will facilitate an efficient way to raise funds for both short and long term needs. This will help people across the state.”
Vikas Pandey, Executive Vice President, Gold Loan and Auto Loan, HDFC Bank, said, “The Gold Loans have greatly helped people in semi-urban and rural areas of the country to meet their urgent financial needs. This supply replaced the unorganized sector. and brought transparency to the whole process. Demand for gold loans has increased over the past two years, with the pandemic serving as a catalyst.
HDFC Bank offers flexible term and repayment options to ensure customers’ monthly expenses stay within their budget.
Gold loan seekers include a diverse segment ranging from salaried and self-employed categories. People exploring quick loans for a short duration with minimal documentation will benefit from this facility.