In a new strategy carved out by Dubai’s Emirates NBD, the UAE’s largest bank by assets, it has recently launched a new loan scheme. It is to be mentioned here that under this new scheme, customers can borrow up to 80 percent of the value of any gold they deposit.

The company formally announced the launch on Wednesday. It may be noted here that Emirates Money, a wholly owned subsidiary of the Dubai government-owned lender, has recently launched the 'Loan Against Gold' scheme.

For the record, it is the first lending product of its kind in the Gulf. The company has said that the customers can deposit gold in the form of a Jewelery or bullion which will be stored in the Dubai Multi Commodities Centre’s gold vault.

It is expected that the scheme will get a good response from the consumer considering the benefits that the scheme offers.

But the conditions like customers must deposit gold worth a minimum of AED30,000 ($8,167) and for a minimum of six months may play a spoil sport on the growth of the fund.