Gold loan borrowers are staying away!
The gold loan market is faltering. Banks and Non-Banking Financial Companies (NBFCs) are struggling to recover loans issued against gold collateral. While the current rate of loan defaults is not yet at an alarmingly high level, it is being viewed as a potential warning sign of an impending crisis in this secured loan market. Banks and NBFCs are taking precautionary measures before the issue escalates into a major burden; for instance, Piramal Finance is no longer extending new loans to customers who have defaulted on their existing gold loan repayments.
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