Gold loan book for DBS Bank India increased 26% in 2023 over previous year, leveraging bank’s ‘phygital’ strategy
National, September 18, 2023: DBS Bank India has enhanced its offering – DBS Gold Loans – by introducing a range of value-added features in line with its aim to be the ‘Gold Standard in Gold Loans’. The Bank has witnessed encouraging growth in its gold loans business fueled by its expanded network of ~530 branches across 350+ locations, superior customer experience and heightened demand from the agrarian community, primarily in South India.
DBS Gold Loans offer seamless and hassle-free financing for personal and business expenses and are a core part of the Bank’s diversified lending portfolio. The Bank is reimagining the gold loan customer experience to welcome a diverse client base, including salaried professionals, self-employed individuals, and small business owners. Customers can easily access DBS Gold Loans by pledging their gold ornaments and be empowered with attractive interest rates and a promise of premium service standards. In contrast to traditional channels, which are often associated with a lack of transparency, DBS prides itself on a trustworthy experience, having been recognised as the ‘Safest Bank in Asia’ by Global Finance for 14 consecutive years (2009-2022). The Bank has introduced a balance transfer feature, which allows customers to transfer their existing outstanding loan balance from other financial institutions to DBS Bank India, resulting in savings on interest rates and processing fees.
Currently, DBS Bank India’s gold loan book has crossed ₹6300 crores, and the Bank is planning to more than double this figure within the next five years. DBS Gold Loans are designed to meet individual goals, but flexible enough to be tailored for evolving business requirements like managing working capital needs or purchasing equipment and machinery. The goal to be the ‘Gold Standard in Gold Loans’ is derived from the unique benefits offered by DBS such as personalised customer service, speedy loan disbursal within 30 minutes*, higher loan amounts per gram of gold and the Bank’s global standards of safety. The loan quantum ranges from a minimum of INR 25,001 to a maximum of INR 50 lakhs per customer, with competitive interest rates.
Commenting on the new features, Sajish Pillai, MD & Head – Assets and Strategic Alliances, Consumer Banking Group, DBS Bank India said, “We are witnessing exciting trends in the gold loan sector in India and have evolved our offering to cater to a wider audience that could be younger, more urban or more digitally savvy and rightly expects more from their lender. DBS Gold Loans empower individuals and businesses to unlock the true value of their gold assets. We cater to a wide range of financial needs, be it urgent requirements or short-term liquidity solutions for businesses, offering quick disbursal and competitive interest rates. Our robust branch footprint and extensive experience in serving customers in this segment makes DBS Bank India the trusted partner for gold loans. With a compelling product proposition and rising demand in the market, we are well-positioned to grow this offering significantly in the next few years.”
DBS Bank India had run a 360-degree campaign around these new features throughout August 2023. Through the campaign film, the Bank encourages customers to take the gold loan test and choose the option that truly embodies the Gold Standard – DBS Gold Loans. The month-long campaign was promoted through print, digital, radio, in-cinema, and outdoor channels in Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka.
For more information about DBS Gold Loans please visit the website or contact your nearest DBS Bank India branch.
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS Bank was ranked among the top 3 on Forbes’ list of the World’s Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.
As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit: www.dbs.com/India