Gold Loans: Full demand for gold loans.. 50 percent increase in 7 months.. And what about personal loans?
Gold Loans: Full demand for gold loans.. According to a report by s, the number of gold loan borrowers has increased tremendously. When financial difficulties arise, Pasidini parama for emergency... 50 percent increase in 7 months.. And what about personal loans?
Reserve Bank of India
RBI Report: Over the past few years, banks have been focusing more on giving gold loans. Due to this, the number of gold borrowers has increased significantly. According to data recently released by the Reserve Bank of India, gold loans from banks have increased by more than 50 percent in the last year. However, all other personal loans fell sharply due to weak customer demand, rising inflation, and stricter regulatory scrutiny on unsecured loans.
 "Gold Loans: Full demand for gold loans.. 50 percent increase in 7 months.. And what about personal loans?") |
| Gold Loans: Full demand for gold loans.. 50 percent increase in 7 months.. And what about personal loans? |
Domestic budget impact
A rise in the repo rate amid rising inflation has pushed up the cost of borrowing. Dharamkirthi Joshi, Chief Economist of CRISIL said that consumption has decreased due to the impact of the domestic budget. A senior banker said that bank loans on gold jewelery have increased.
Gold loans received from banks
Earlier it was mostly taken in times of crisis or emergency. Gold loans received from banks rose 56 percent year-on-year to Rs 1.54 lakh crore in the week ended October 18, according to Reserve Bank data.
Growth in vehicle loans
It has increased by 13 percent at the same time last year. Apart from this, home loans expanded marginally by 12 percent year-on-year compared to 36 percent growth in October last year. Growth in vehicle loans was 20% to 11.4%, growth in consumer durables was 7.6% to 6.6%. Credit card balances of unsecured banks increased from 28% to 16.9%.
Loans to retail and service sectors
In general, banks are cautious in lending to the retail and service sectors. Most private banks are facing problems in credit cards and personal loans, RBI's monthly economic report said. Increased number of users with high leverage. Joshi said GDP growth in the second quarter was at a seven-quarter low of 5.4%.
The RBI report has shown a positive view in this regard. It said demand from the festive season helped offset the sluggish consumption demand seen in the second quarter.