Kotak Mahindra Bank Limited on Thursday said that it has opened 100 gold loan branches in this financial year so far. With this expansion, Kotak now offers gold loans through its 500 branches across India. The bank said that it further plans to expand its branch network by opening 50 branches in the ongoing financial year.

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"As of March 31, 2022, the bank was offering gold loans through its 400 branches. With the addition of 100 gold loan branches in this FY, Kotak Mahindra Bank now offers gold loans through its 500 branches spread over 253 cities across the country," the bank said.

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With these branches, the bank aims to offers:

1. Instant Gold Loan

2. Minimal Documentation and Transparency in Interest Rates

3. Easy Repayment Options – flexible tenure which ranges from a few

months up to 3 years

4. Attractive Interest Rate – Starting at 9 percent

5. Both Existing and Non-Existing Customer can avail Gold Loan

Manish Kothari, President and Head, Commercial Banking, Kotak Mahindra Bank Limited said, "We are delighted to open 100 gold loan branches covering additional 49 cities during this financial year. Gold loans have emerged as one of the most preferred mode of availing finance to meet personal as well as business needs."

"Indians have idle gold and with gold prices soaring. Gold loans have become an attractive proposition. The demand is coming also from people moving away from unorganized sources of finance, such as pawnbrokers as well as moneylenders. This is due to greater awareness about risks associated with unregulated sources of finance offered by pawnbrokers, at relatively higher interest rates. We feel the trend will continue in the time to come as well."

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(Edited by : Anushka Sharma)