Shivalik Small Finance Bank and indiagold launch India’s first loan against Digital Gold

By Leandra Monteiro

Shivalik Small Finance Bank (SSFB) announced a partnership with indiagold, a NCR-based Financial Technology company to launch India’s first Loan against Digital Gold.

Being a progressive Indian bank, Shivalik has a strong digital-first approach aimed at customer convenience and offers an unparalleled range of services placing banking at the fingertips. This alliance will enable customers to seamlessly access gold loans starting at a monthly interest of just 1%. Customers can now access credit against their gold assets without the hassle of branch visits, minimal documentation, instant transfer and zero processing charges.

Digital Gold is an affordable medium to own and save with gold without the trouble of physically handling and storing the asset. This collaboration will enable customers to use their digital gold balance to avail instant and digital loans up to INR 60,000. On repayment of the loan, customers will have an option to either renew the loan or get their gold home delivered.

Commenting on the collaboration, Gaurav Mittal, Chief Operating Officer, Shivalik Small Finance Bank said, “Since its inception, Shivalik has aimed to fulfil evolving customer expectations and needs through innovative tech focussed solutions. This association is yet another step in the direction ofaccelerating the access of secure and affordable credit to our customers looking for quick liquidity against their gold assets.”

“We are excited to launch this product with Shivalik Small Finance Bank. At indiagold, we always strive to deliver more value to our customers and enabling them to avail credit against their digital gold balance, is another step in that direction. The ease of use and simplicity of this product is something we’re proud of and will pave the way for many more such products in the ecosystem,” added Nitin Misra, Co-founder, indiagold.