As we know that most of the Indians are much aware and love Gold. Especially women who love gold. Even any event that happened in our family or house. Indians will buy a piece of a gram in every event. That too gold becomes the precious metals.
Here let’s discuss some the factors, which increases the demand for gold:
Since the last two decades, gold prices are increasing gradually without any disturbance. That two makes people fear of buying gold heavily.
In banks, savings interest rates are very low. If you bought the gold it will be good asset to our family and also giving good returns to us.
If you were in the weak financials then, this would be the best option to clear your debts and come out from weak financials.
Gold Loan Interest rates are very cheap when compared to other loans. So, by assessing the future needs most of the people are buying the gold.
Below were are discussing some few examples, how gold loan helps people
After losing employment during the pandemic, Chandigarh-based Manpreet Kaur (name changed) mortgaged her gold as she required cash to pay her credit card due. She didn't select EMI moratorium in light of high-interest rate and rather took a loan against gold at 7.5% interest from a public sector bank. Correspondingly, Rahul Sharma (name changed) from Jalandhar mortgaged gold to pay the home loan EMIs.
We have seen significant growth in gold loans in the past few years. The demand comes from people, brokers, and private ventures as we offer loans against gold at 7.5% interest.
At present, the rate of interest on the gold loan begins at 7.5% and can go up to 29% depending upon the bank and NBFC. When compared with the gold loan, the rate of interest on a personal loan is high.
Must Read-WHAT IF I CHOOSE TO CONTINUE MY GOLD LOAN AFTER A YEAR?
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