The scheduled bank, Greater Bombay Cooperative Bank, has launched a new scheme aimed to attract more customers towards its gold loans product. The bank has announced that it will provide a savings account to customers availing loans against gold jewelry free of cost.

The scheduled bank, which is popularly called the Greater Bank, is offering gold loan borrowers loans ranging from Rs. 10, 000 to Rs. 25 lakh at 13 percent annual interest rate. The loans will be sanctioned within 1 hour and no documentation charges will be levied on them. The bank will calculate interest on a daily reducing balance method.

On the matter, the Chairman of Greater Bank, Mr. Narendra Kumar Baldota said that their customers based in Navi Mumbai, Mumbai, Mira-Bhayandar and Thane -Dombivali will be most benefitted with the scheme since the scheme provides loan facility on mortgage of gold ornaments of even small value. For this, the bank has set up gold valuation machines in all branches.