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Gold loans surge 56% in 2024: Key factors behind the growth and future outlook


Published on 2024-12-30 00:20:56 - cnbctv18
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  • Gold loans recorded a 56% year-on-year growth in 2024, outpacing the 18% increase seen in home loans, according to a Bankbazaar report. This growth marks the fastest expansion among all retail lending categories and reflects a shift in borrowing ...

The gold loan market in India is projected to surge by 56% in 2024, reaching a value of Rs 4,66,660 crore, driven by increased demand for gold loans due to their lower interest rates compared to unsecured loans, and the cultural affinity for gold in the country. This growth is attributed to factors like the need for quick liquidity, the stability of gold prices, and the expansion of digital lending platforms. Looking ahead to 2025, the market is expected to grow by an additional 15%, fueled by economic recovery, rising gold prices, and regulatory support for gold loan NBFCs. The article also discusses the strategic moves by major players like Muthoot Finance and Manappuram Finance to expand their market share through digital transformation and enhanced customer outreach.

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