In June, gold loan disbursements grew by 12 per cent. The assets under management (AUM) of Muthoot Finance, the largest player, grew by 28 per cent in the first quarter of financial year 202425. What accounts for borrowers' enthusiasm for these loans? "Borrowers find it more convenient than other forms of credit," says Shaji Varghese, chief executive officer (CEO), Muthoot FinCorp.
Low-cost and easy to access
Borrowers favour gold loans due to their lower interest rates, minimal documentation, and quick processing. These secured loans against gold or jewellery are particularly useful for meeting shortterm financial needs, especially during emergencies. While gold loan interest rates range from 8.8 per cent to 19 per cent, unsecured personal loans can charge between 9 per cent and 45 per cent.
Only address and identity proofs are necessary for gold loans.
Diese Geschichte stammt aus der August 22, 2024-Ausgabe von Business Standard.
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