The second largest private sector lender in the country, HDFC Bank has launched a new product. The bank will offer loan to the customers against gold. The scheme has been christened as "Bharosa Gold Loan".The customers can borrow a loan upto 140 percent of the value of the gold. The minimum amount that can be lent to customers in rural area in Rs. 10,000 and for customers in other areas it is Rs. 25,000.
The rate of interest rate that the bank will charge will range from 11.00 to 14.5 percent. The women customers will be offered a discount of upto 1.5 percent on the interest rate.