Gold Loans: 50 percent increase in seven months.. Full demand for PACD loans: RBI
The number of gold borrowers has increased tremendously. When financial difficulties arise, gold seems to be the ultimate for emergency needs. Banks and financial services institutions are ready to provide loans to people from the common man to the wealthy if they have gold.
Gold Loans | Mumbai:
The number of gold borrowers has increased tremendously. When financial difficulties arise, gold seems to be the ultimate for emergency needs. Banks and financial services institutions are ready to provide loans to people from the common man to the wealthy if they have gold. Recently, public sector banks have also focused on these loans. A special system has also been established for this purpose.
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| गोल्ड लोन | सात महीने में 50 फीसदी की बढ़ोतरी.. PACD लोन की पूरी मांग: RBI |
As a result, the Reserve Bank has recently revealed that loans against gold collateral have increased by 50 percent in the last seven months of the current financial year (from April to October). As on October 18, 2024, bad loans stood at Rs.1,54,282 crore. As of March 2024, the total gold loans stood at Rs.1,02,562 crore. Gold loans have increased by 56 percent compared to the same time last year.
The banker revealed that the gold loans have increased at a rocket speed in the last seven months, and the main reason for this is that NBFCs are focusing more on secured loans than unsecured loans. He also said that as gold prices have shot up to a record level, borrowers are pledging gold to settle other debts. Last month, the Reserve Bank directed all the banks and financial services companies to correct any deficiencies in the policies and procedures of the PASI loans within the next three months.
Home loans too.
Along with gold loans, home loans are also in demand. At the end of last month, Rs 28.7 lakh crore of home loans were taken across the country. It has increased by 12.1 percent compared to the previous year. Apart from this, the loans taken through credit card increased by 9.2 percent year-on-year and reached Rs 2.81 lakh crore. The Central Bank has revealed that the reason for this is the high number of online transactions.
Avoid personal loans
As compared to gold loans, personal loans are on the decline. Especially with the Reserve Bank imposing conditions on these loans, financial institutions and banks are reluctant to give. Recently, the central bank has taken several key measures due to the high level of bad debt in personal loans across the country. With this, personal loans have decreased by 3.3 percent. Overall banking loans increased by 4.9 percent to Rs 172.4 lakh crore.