Tamil Nadu - Chennai   

SBI launches gold metal loan for jewellers

Staff Reporter

CHENNAI : State Bank of India has launched a gold metal loan facility for jewellers in Chennai.

SBI's general manager (mid-corporate) Y.S.S. Kapdi launched the scheme at the bank's overseas branch on Rajaji Salai recently.

He told reporters that the bank would directly import gold from the international market and offer it to customers.

90 days credit

Jewellers can avail the bullion loan with credit up to 90 days and interest arbitrage opportunities.

Mr. Kapdi said the interest rates for the loan were between 2.5 and 3.75 per cent per annum.

"We are trying out the scheme on an experimental basis in Chennai as there are several jewellers here and we will extend it to other cities soon."

First consignments

Kishore Jain, managing director of Khazana Jewellery, D.B.Prakash Chand Jain, managing diector of Prakash Gold Palace and Saravana Arun of Saravana Selvaratinam Jewellers collected the first consignments of gold under the scheme.

In a chat with the reporters, the jewellers said gold metal prices in the international market had been steadily increasing over the last year and the loan scheme would be beneficial to the industry.

SBI Overseas Branch deputy general manager A.S.Rao was also present at the function.

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