During this COVID pandemic, gold loans have been in demand by small businessmen, shopkeepers, traders, etc. to kickstart their source of income. Thus they need instant cash and that too for a short period. But due to the lockdown and lack of income, there have been people looking for secured but long-term loans. Since the gold loan is a secured and easy way of getting funds, customers have been looking for a long-term gold loan.
Thus there has been an announcement of India’s first long-term gold loan.
With an aim to provide liquidity to individuals and small businesses and help them tide over the COVID-19 economic crisis, Non-Banking Financial Company (NBFC), Indel Money, has launched the first long-term gold loan in the country with two-year tenure.
Intel Money's two-year gold loan interest rate is in the range of 12-24%.
Popular Banks like HDFC and SBI also provide long-term gold loans for up to 2-3 years with an attractive interest rate starting from 7.50%. they provide you with the maximum loan amount of up to 75% as per the guidelines of RBI. Since they are banking institutions they are much more reliable than the other NBFCs. The gold pledged will be in safe hands. They have high secured lockers with a 100% safety guarantee of your gold.
Thus long-term gold loans have been in demand since 2019 and the borrowers are impressed with the new guidelines. Even the banks found the response of the borrowers on long-term gold loans impressive.
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