DBS Bank India’s total gold loans have exceeded Rs 6,300 crore and the bank hopes to more than double its portfolio in the next five years with the help of value-added features provided by the bank.
DBS said in a release that the gold loan is designed to meet personal goals but is also flexible enough to be customized to changing business needs, such as managing working capital requirements or purchasing equipment and machinery.
They offer unique advantages such as personalized customer service, fast loan disbursement within 30 minutes, higher loan amounts per gram of gold, and global security standards. It also launched a balance transfer feature that allows customers to transfer outstanding loan balances from other financial institutions to DBS and save on interest rates and fees.
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DBS Bank India offers gold loans ranging from Rs 25,001 to Rs 50 lakh per customer to salaried professionals, self-employed and small business owners. In fiscal 2023, the gold loan book grew by 26%.
The bank has a network of 530 branches spread across more than 350 locations, provides excellent customer experience and is seeing increasing demand from the farming community, mainly in southern India, the release said.
“We are witnessing exciting trends in the gold loan industry in India and have evolved our offerings to cater to a wider audience who may be younger, more urban or digitally savvy and expect more from lenders,” said Sajish Pillai, Managing Director. Head, Group Assets and Strategic Alliances, Consumer Banking, DBS Bank India.
“With a compelling product proposition and growing market demand, we are well positioned to significantly increase this offering over the next few years,” he added.