Shivalik Small Finance Bank (SSFB) on Tuesday announced a partnership with fintech firm Indiagold to launch a loan product against digital gold. Digital gold is an affordable medium to own and save with gold without the trouble of physically handling and storing the asset, SSFB said in a statement.
"This collaboration will enable customers to use their digital gold balance to avail instant and digital loans up to Rs 60,000. On repayment of the loan, customers will have an option to either renew the loan or get their gold home delivered," it said.
This alliance will enable customers to seamlessly access gold loans starting at a monthly interest of just 1 per cent, it said, adding, customers can now access credit against their gold assets without the hassle of branch visits, minimal documentation, instant transfer and zero processing charges.
Being a progressive Indian bank, Shivalik has a strong digital-first approach aimed at customer convenience, and offers a range of services placing banking at the fingertips, said Shivalik Small Finance Bank Chief Operating Officer Gaurav Mittal said.
This association is yet another step in the direction of accelerating the access of secure and affordable credit to customers looking for quick liquidity against their gold assets, he added.