• Builds upon Bank’s highly successful Gold Loan product
• Offers flexibility in terms of tenure of repayment
• The EMIs for first 6 months will be only limited to interest.

MUMBAI, 22nd SEPTEMBER, 2020 (GPN):  SVC Bank (SVC Co-operative Bank Ltd.), one of the leading co-operative banks in the country, today introduced Flexi Gold Loan product – designed to make the experience more rewarding for the customers. SVC Bank Flexi Gold Loan will offer flexibility to opt for high loan amounts for a longer tenure, with first 6 months being limited to repayment of interest. It’s only after the first 6 months that the customer would be required to repay the principal as a part of the EMIs. Flexi Gold Loan will come with lower interest rates, zero processing fees and quick processing – thereby offering a rewarding experience to the customers.

Post the outbreak of the global pandemic, the economic impact has paved way for gold and silver to become one of the most preferred mediums to gain speedy financial liquidity, through pledging of metal. India being one of the leading countries when it comes to investing in gold, often relies on the metal as a source of sustenance during the crisis or economic hardships. SVC Bank’s value proposition on Gold Loans include better valuation, timely disbursal, assurance of returns upon repayment, and competitive interest rates.

Commenting on the product, Sanjay Rajoria, DGM – Retail Distribution, SVC Bank, said, “SVC Bank, a symbol of trust for generations of its customers, is a century-old legacy that witnessed a surge in the Loan portfolio in the past year, more specifically in the Gold Loan proposition. As India unlocks and rebuilds itself, SVC Bank Flexi Gold Loan will help customers, by reducing the EMI burden in the first six months, thus proving to be the go-to-partner in times of financial distress.”

The Bank has more than 10 Lakh customers across 198 branches in the country. ENDS

About SVC Bank

Set up in 1906, SVC Bank has contributed significantly to the development of the cooperative movement in India for over a century. Today, the Bank is one of the oldest and most recognized names in the country’s co-operative Banking space and remains the country’s only multi-state scheduled Bank with a presence across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu.It is a bank on the growth curve clocking a 7.64% growth in total deposits and 11.43% growth in total advances (FY 18-19). With a total business of Rs. 27764 crores plus and a net profit of Rs. 140.01 crores (FY 18-19), it has proven its robust and strong fundamentals. The gross NPA has seen a decline by 0.09% down to 3.50% in FY 18-19. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. Headquartered in Mumbai, the Bank has a vast spread of 198 branches, 211 ATMs and has an employee strength of over 2500.

SVC Bank has been acknowledged for its stellar work and has been awarded with:

o    ‘Best E-Payments Initiative’ and ‘Best Debit Card Initiative’ awards (Large UCB Category) at Frontiers of Co-operative Banking Awards (FCBA) 2019, by Banking Frontiers

o    First prize (Banks having deposits above INR 2,000 Crores) for 2018-19 by The Brihan Mumbai NagariSahakari Banks Association Ltd., Mumbai

o    Maharashtra Best Employer Awards – 2018 by World HRD Congress

o    Indian Affairs Most Promising & Best Managed Co-operative Bank 2018 Award and Certificate of Excellence at  9th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2018

For more details visit  www.svcbank.com