1 min read.Updated: 10 Jul 2021, 06:10 PM ISTLivemint
The interest on gold loans varies, ranging between 7% and 29%. Banks offer loans at lower interest rates than non-banking financial companies
The demand for gold loans has been strong amid the covid-19 crisis. Many small business owners and families affected due to the pandemic resorted to gold loans as they are an easy form of credit. Lenders don’t evaluate the borrower’s credit profile and repayment capacity.
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