Everything in 2020 might have seen a downfall or have been in some or the other trouble, but Gold loan has made its way through and is still standing strong ahead and for all who have taken a loan against their gold have nothing to worry or panic about. Let us briefly tell you about what all the gold loan has been facing in the year 2020 and how it has come past through everything that has been happening.
Let us start by giving you some energy and telling you the good news that has been making rounds and the credits go to the World Gold Council. It has been told that the gold loan market is expected to be seeing tremendous growth and cross over for almost about ₹4.05 lakh crore. And just not to stop it right here, but also allow us to take you through the gold loan market to have expanded at an annual rate of 15.7 percentage and at a rate to ₹4.61 lakh crores from ₹3.44 lakh crores. Yes, you have heard everything absolutely right!
Many lenders and high number of Non- banking companies did not wanted to take any risk and face a down fall especially in the time of COVID and thus started to promote and run all sorts of virtual campaigns for their gold loan business and have given their word letting all the common people know that they are an easy source to reach out and rely on for the sanctioning of the gold gold loans. Due to all these, high turnovers, it was experienced by both the banks as well as Non-banking companies the demand to apply for the loans against gold and have seen a major impact especially in the time of the pandemic hit! And all these credits can be shared majorly with the advancement of the technology these days as it has been so very easy for every borrower to just browse through the particular bank’s website they wish to invest in and have a loan for themselves. Let us also provide with some information on how few banks have been offering the gold loans in 2020 and the main criteria requirements they have been following
- This bank offers you to avail the gold loan starting just at ₹25,001 and can be upto a price of ₹25,00,000.
- The key point to be noted is that it is known for offering the gold loan with the same day of loan disbursement.
- The age eligibility requirement is between the age of 18 years to 75 years.
- It also just make the calculations for its borrowers who wish you apply a loan against their gold on the online platform with a gold loan calculator.
This way banks offer a great choice for you borrower to reach out and apply for your gold loans!
