Gold loans glitter as consumers pledge jewelry for cash
Platforms sourcing gold loans for banks say they have seen a strong uptick in demand for such loans, as consumers look to raise cash for business needs and for personal emergencies
Source: Reuters
2020 has thrown many surprises. One such seems to be the spurt in demand for gold loans, which has been much higher than in previous years. Industry insiders Moneycontrol spoke to pointed out that there has been a jump in consumers taking loans while pledging gold, primarily for business purposes, and to tide over the financial distress brought on by the Covid pandemic.