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Loan company plans big business monetizing gold in India
Capri Loans Plans to Open 1,500 Gold Loan Branches Over 5 Years
By Teena Jain Kaushal
Business Today, Noida, India
Tuesday, August 23, 2022
Capri Loans, a non-banking financial company forcused on micro, small, and medium-sized enterprise credit and housing finance, plans to open 1,500 gold loan branches over the next five years in Tier 3 and 4 cities to target the unorganised sector.
It aims to build a gold loan book size of R8,000 crore given the rise in credit needs among people.
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The company commenced operations of its gold loan business on Tuesday with 108 branches. Capri Loans will provide loans up to 75% of the total pledged gold along with complimentary insurance equivalent to the pledged value of gold ornaments.
"During and post Covid, credit need has increased for multiple reasons," said Ravish Gupta, head of gold loan business for Capri Global Capital.
"One of the reasons is that credit options have reduced. In India, huge amounts of gold are available in households -- around 30,000 tonnes, according to a study. Instead of selling gold, people are unlocking the value by taking the loan.
"For those who have a limited source of credit and do not have proper documentation and need cash on an emergency basis, a gold loan is one of the best methods for unlocking the value." ...
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