The market of gold loans are the biggest market in the world because of the heavy demands of the gold. Every year people all over the world imports tons of such precious metal. And only India around 1000 tons of precious metal come in every year because of its most esthetic appearance people use in many parts of the country. The private gold stock is more than 25000 tons from the marriages and temples.
The low-income group of the country are the only fit for the loans to cope a household. So, the tradition of borrowing money in exchange of valuable ornaments is the only customer that has been following from ages. And when checked with the market there are more unauthorized financial institutions than a renowned banks. The marketer offers a different rate of interest along with other terms which be difficult for the creditor.
The easy example would be when farmers stock their items in the time of year when they sell their grains as a form of solid gold or a jewelry piece and pledge it in the to the lender in a financial turmoil. This cycle of precious metal market has risen India with the most increase appraise every year.
When in need, people rely on releasing loans as they involve a lot of interest within a 5 year of tenure. Financers all over the country offer newer innovative ideas to help customers. A loan always come up with a lot of baggage and hence there are buyers to help and rescue.
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