Business & Finance
Business and Finance
Business and Finance
Mon, December 2, 2024
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Gold loans from banks surge, other personal loans see moderate rise
- Outstanding gold loans from banks increased by more than 50% over the past year, driven by consumer distress and emergencies. Other personal loan segments saw moderate growth amid high inflation, elevated borrowing costs,
The article from The Economic Times discusses the significant growth in gold loans from banks in India, driven by high gold prices and increased demand for liquidity. According to the data from the Reserve Bank of India (RBI), gold loans have seen a sharp rise, with banks like HDFC Bank, ICICI Bank, and State Bank of India reporting substantial increases in their gold loan portfolios. This surge contrasts with a more moderate rise in other personal loans, which have grown at a slower pace. The article attributes the popularity of gold loans to their lower interest rates compared to unsecured personal loans, making them an attractive option for borrowers needing quick funds. Additionally, the trend reflects a broader economic behavior where individuals are leveraging their gold assets to manage financial needs amidst rising costs and economic uncertainties.
Read the Full Indiatimes Article at:
[ https://economictimes.indiatimes.com/industry/banking/finance/banking/gold-loans-from-banks-surge-other-personal-loans-see-moderate-rise/articleshow/115870652.cms ]
Read the Full Indiatimes Article at:
[ https://economictimes.indiatimes.com/industry/banking/finance/banking/gold-loans-from-banks-surge-other-personal-loans-see-moderate-rise/articleshow/115870652.cms ]
