Gold Loan Market: 3 Bold Projections for 2021 | Federal Bank, Kotak, Union Bank
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In India, gold is considered to be a sign of social status, financial security and cultural legacy. As of 2019, households in India assembled about 25,000 tons of gold, making the country the largest holder of the yellow metal in the world. Rural communities account for 65% of the total gold demand in the country. Owing to the sentimental value that Indians associate with this indispensable item, people seldom sell it to meet financial emergencies. They prefer to pledge gold as collateral to secure short-term loans. Gold loans enjoy a relatively low interest rate that varies between 9.5% and 24% and have a flexible tenure (ranging from a few days to 5 years). The gold loan market in India was valued at INR 2,921.42 Bn in 2019 and is expected to reach INR 6,275.40 Bn by 2025, expanding at a compound annual growth rate (CAGR) of 12.75% during the 2020-2025 period.
The Indian gold loan market has witnessed a positive impact on business during the nationwide lockdown due to the Coronavirus pandemic. Gold loan products have experienced rapid growth than other retail banking products during this period. Due to economic distress and job losses, gold is acting as an insurance policy, as well as a retirement plan across India. People are availing gold loans to fulfill their immediate fund requirements.
• Axis Bank of India
• Central Bank of India
• Federal Bank Limited
• HDFC Bank Limited
• ICICI Limited
• Kotak Mahindra Bank Limited
• Manappuram Finance Limited
• Muthoot Finance Limited
• State Bank of India
• Union Bank of India
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Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market overview
4.1. Gold Loan market overview
4.2. Gold Loan market size and growth forecast
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