Jana Small Finance Bank provides 90 percent of LTV on gold loans

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Jana Small Finance Bank recently announced the unbeatable maximum Rs. 4219 per gram of LTV on a Gold Loan (Loan to Value). The LTV announcement is in line with the permissibility of the Reserve Bank of India to offer 90 percent LTV on gold loans only to Scheduled Commercial Banks.

This move from Jana Bank allows customers to instantly use the highest loan sum for the same gold ornaments. Following on from the bank ‘s promise to appreciate the hard-earned money of its customers, the Bank is also offering a gold loan at the low-interest rate starting at 0.92 percent per month. In speaking of the announcement, Mr. Sandeep Arora, Head of Marketing & Products said, “This move from an RBI announcement only allows our customers to obtain a 20% higher loan with the same amount of gold from the bank.”

“We as a bank believe in building customer relationship, defining our accounts as ‘Khata Nahi, Nata,’ which strengthens our emphasis on customer interactions over a mere accounts transaction, which will contribute a lot to improve our customers’ trust in current circumstances and help build good relationships with them.”

The bank has served underbanked customers by providing various items, including zero balance savings accounts, fixed deposits, free insurance, and affordable loans for housing. Around Jana Small Finance Bank: Jana Small Financial Bank is headquartered in Bengaluru and has been functioning for over a decade, formerly Janalakshmi Financial Services (JFS).

It is one of the 10 financial institutions that earned RBI mainly approval for a small financial institution in 2015. Final banking licenses were issued to Jana Small Finance Bank in April 2017; banking transactions commenced on 28 March 2018. Present in the 22 States and territories of the Union, the bank serves 40 lakh customers in India. It aims to become the leading digital bank serving all customers and societies in an emerging India.

The Jana Small Finance Bank was named The Best Inclusive Financial Services India 2018 by Capital Finance International (CFI.co) in London in 2018. The 2017 award for the Indian Similar Goodwill Brand in 2017 saw JFS in ‘Fortune-The Top 500’ as the largest company in India. In the same year, CNBC awarded JFS to ADB Private Sector for Best Financial Sector Transaction. JFS was awarded by VC Circle to the Best Financial Services Company in India in 2016. In 2015, Palladium added JFS to the Hall of Fame in 2015. It is regarded as the prime award for the implementation of strategies and the oldest of the Balanced Scorecard programs.

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