Greater Bombay Coop Bank offers loan scheme

Greater Bombay Cooperative Bank on Thursday said that it will offer loan against gold ornaments besides doling out a savings account to customers. Borrowers can avail loans ranging from Rs 10,000 to Rs 25 lakh at an interest rate of 13 per cent a year on a daily reducing balance without any documentation charges. Customers will get loan within an hour of their arrival at the branch as all 22 branches of the bank have gold assaying machines, the bank statement said. The Mumbai-based Urban Cooperative Bank has got active in the gold loan business this year. Last year, the bank built its gold loan portfolio from scratch to Rs 90 crore. This year it plans to grow this portfolio to Rs 200 crore, Narendrakumar Baldota, Chairman, Greater Bank had told Business Line in an interview.