2024-03-23 13:58:48
New Delhi:The third week of the month is going on. The salaries of most of the lower middle class families have already been spent. Same is the condition of Ramjeevan also. He works in a company in Noida. Salary comes on the 7th of every month. His entire salary has been spent. Holi festival is coming next Monday itself. If it is a year long festival then it will definitely be celebrated. What if there is no money at home, we have to make pua-puri. Have to make Gujiya. Goods will definitely come for this. But how did the goods arrive? To celebrate the festival, Ramjeevan mortgaged his wife’s jewelery and brought some money. Now the tension of celebrating festivals is over. The whole family is happy.
Loan against gold is increasing
This story is not only about Ramjeevan. This is the story of most of the lower middle class people. At this time, people’s only expenditure is expenditure. Holi is in just two days. The wedding season has already started. In such a situation, those who do not have enough savings are taking loans not only for marriages but also for celebrating festivals. Taking loan to educate children. The easiest way to take a loan is to take a loan by pledging the gold. Such trends are seen increasing in rural and semi-rural areas. Small businessmen and individuals are pledging more gold.
53 crore tola gold has been mortgaged
A report on gold from the Reserve Bank has come recently. It is told that at present a loan of 53 crore tola (here tola means 10 grams) or 53,00,000 kg of gold has been taken as pledge. According to the report, at present the gold loan market in the country is worth about Rs 15 lakh crore. It has increased by 17 percent in the last one year. It is estimated that by the year 2029 it will grow at the rate of 12.22 percent annually. The organized sector is still less than half.
Now many NBFCs have come into the field of gold loans. Many banks also give gold loans. Even then, the share of organized sector in the gold loan market in the country is less than 50 percent. According to the report, at present the organized sector has captured 40 percent market in the gold loan market. This means that their share in the gold loan market worth about Rs 15 lakh crore is Rs 6 lakh crore. Still, moneylenders and moneylenders have control over 60 percent of the market or Rs 9 lakh crore.
How Suryavanshi Ramlala’s jewelery was prepared, the crown made of emeralds, rubies and diamonds is special.
Gold price at record high
At present the gold rate is at a record high. Just yesterday the rate of 10 grams of gold in Delhi was Rs 66,914. Gold rate has increased by Rs 1225 in a single day. If seen, the price of gold has increased by 16.6 percent in the last one year. Due to increase in the price of gold, the market of gold loan has also increased. Gold loans have increased by 17 percent in the last one year.
Demand may increase by 20%
According to gold traders at Kucha Mahajani in Delhi, the pent-up demand for gold loans is expected to increase by at least 20 per cent compared to last year’s wedding season. He says that whenever the price of gold increases, the gold loan business increases.
How much gold is there in the country
It is estimated that Indian households currently have a total of 27,000 tonnes of gold. This accounts for 14 percent of the total gold in the world. Out of this, 5,300 tonnes of gold has been pledged. Anyway, Indians love something more than gold. There is a tradition of giving gifts of gold here on every auspicious time. Be it a birthday, wedding or anniversary, yellow metal is considered the best gift on every occasion.
Why is gold loan taken?
Generally people fulfill their needs by taking personal loan. But the interest rate on personal loan is slightly higher. If your CIBIL score is good then you will get the loan at a lower rate. But if you have a bad credit score, you may have to pay heavy interest rates. Its easy option comes in the form of gold loan. Gold loan interest rates are lower than personal loans.