South Indian Bank launches product offering loans of up to 90% of gold value

New Delhi: Private sector lender South Indian Bank on Friday said it launched a new gold loan product, SIB Gold Xpress, designed to offer customers quick and convenient access to credit.

With this scheme, borrowers can unlock up to 90 per cent of their gold's value, availing loans ranging from Rs 25,000 to Rs 25 lakh with a flexible tenure of up to three years, the bank said in a statement.

Targeted at MSMEs, non-MSMEs, and small businesses, the product enables customers to fund business expansion, working capital needs, or personal ventures with ease, it said, adding that the loan comes with zero hidden costs, ensuring complete transparency for borrowers.

The eligibility process for SIB Gold Xpress is simple, hassle-free, and the whole end-to-end process can be completed digitally, allowing even new-to-credit customers to avail loans through basic checks, it said.

Customers can pledge their jewellery with complete safety assurance and benefit from South Indian Bank's PAN India network, it added.