INSUBCONTINENT EXCLUSIVE:
Chennai: Gold loan disbursements by NBFCs have more than doubled in September quarter over the previous quarter
They are expected to clock 15 to 18 per cent growth this year on increased demand and higher gold price.Preliminary estimates indicate that
gold loan disbursements, including re-pledge with NBFCs have more than doubled sequentially in the second quarter of this fiscal, finds
Manappuram Finance saw its gold loan portfolio growing by 2 to 3 per cent in April- May as customers have been availing gold loan using
Muthoot Finance too had seen a flattish growth during the lock down
especially from individuals meeting urgent personal requirements and from micro enterprises for working to restart businesses
Gold loans would be preferred also because non-banking financial companies (NBFCs) and banks have tightened their underwriting norms for
management of NBFCs to grow 15-18 per cent this fiscal
would benefit as customers would look to raise cash by leveraging their gold holdings and increase in gold prices would give a modest
NBFCs are offering online renewal since the underlying collateral is already in their possession.
