Increase in gold loans for higher education

Gold loan non-banking financial companies (NBFCs) are witnessing a 10-15% YoY increase in demand from customers in tier-2 and tier-3 cities for education loans.

Banks tend to be picky with lesser-known colleges and universities, besides, gold loans are more convenient and faster to acquire. The recent rally in gold prices has also boosted the demand as borrowers get more money from depositing less gold. Moreover, gold loans don't require a credit history check, end-use restriction, or recognised college criteria making it more accessible to families during the college admission season.

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