Gold loan business set for new Highs this year

Gold Loan business is set to hit new Highs this year with many small businessman’s and individuals expected to pledge their household Gold to meet the immediate expenses as their earnings have dried up amid a severe second wave of COVID-19.  Small businesses and traders will require funds for restarting businesses once lockdown and local restrictions are withdrawn the average ticket size of 50,000, NBFC’s engaged in gold loon told economic times Gold Loan NBFC’s expect their businesses to grow 15 to 50% year on year this financial year.

Since there has been lockdowns and restrictions in April and May in most parts of the country people cannot opt for Gold loan one of the largest gold on NBFC is in the country told once economy reopens there will be a need for money to restart businesses and that is when there will be a surge in Gold loans demand this happened in the first phase of pandemic too. Muthoot finance gold loan business increased by 26% YOY in 2020-21 at 52,622 Cr  our guidance for current fiscal year is 15% growth over the FY 21 Muthoot said.

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