Kotak Mahindra Bank Limited announced today that it has opened 100 Gold Loan outlets so far this fiscal year.
The Bank offered Gold Loans through its 400 branches as of March 31, 2022. Kotak Mahindra Bank currently offers Gold Loans through its 500 offices in 253 cities across the country, thanks to the addition of 100 Gold Loan branches in this fiscal year. The bank intends to grow its Gold Loans branch network by adding 50 new branches during the current fiscal year.
“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 modes of availing finance to meet personal as well as business needs,” said Manish Kothari, President & Head – Commercial Banking, Kotak Mahindra Bank Limited.
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“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,” he added.
