Adversitement

"Gold Loans on the Rise as People Embrace Festive Splendor for Diwali Celebrations"

Published On : 2023-11-08T17:44:38+0530 [ IST ] | Author : Amit_Rahangdale
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India / Nagpur :

Nagpur: Due to the festive season and rising inflation, the number of people taking loans by pledging gold has increased. Compared to private banks, the interest rate on gold in nationalized banks is lower. The fixed loan is given in proportion to the value of the gold pledged by the customer. According to sources, nowadays new trend is visible in which many people celebrate festivals by mortgaging gold. In case of gold jewelery or any other type of gold, the lending institutions get its price fixed from a certified agency. It is on this basis that the decision to give loan is taken. The gold pledged by the customer is returned to the customer only after the interest and principal amount of the loan is repaid. In many cases, there are private lenders who also lend money on mortgage of gold to the customers. These money lenders are also in the business of jewellery making.

Cases of gold mortgage increased: These days, public sector banks have expanded business of gold loans. Individual customers can approach these banks for their loan needs. They can obtaind the loan by mortgaging goldIn fact, nowadays, more people prefer gold loan due to less complicated procedure, sources added.

Source : The Hindustan Times

Tags : Financial Assistance , Gold Loans , Festive Season , Gold Ornaments , Diwali Celebrations ,

Summary : With the festive season of Diwali drawing close, an increasing number of humans are turning to gold loans as a method to finance their celebrations and meet their economic needs.

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