For millennials, money management during a crisis can be made easy by realising the benefits of a gold loan. This cohort constitutes a sizable chunk of India’s workforce, which is nearly 34% of India’s population. The current mix of millennials and Generation Z are putting gold loans to good use by leveraging and utilising its worth in the best possible way. From establishing a startup and traveling to dream destinations to buying a new gadget, a gold loan can serve all the purposes millennials can look for. With easy documentation, quick disbursals, convenient repayment options, zero credit history and hassle-free documentation, millennials are now more than ever opting for gold loans for urgent financial exigencies. Here are some of the top factors gold loan companies in India have made millennials realise their value.
Nowadays, millennials seek gold loans from NBFCs and banks, as it is one of the smartest ways to fulfill short-term financial needs. Instead of keeping their gold asset in lockers, they wish to put them to work and make an extremely convenient choice. A loan against gold saves them from paying heavy interest charges while also helping them maintain a good credit score. As most banks and NBFC consumers belong to the ‘always online’ group, the rapid digitisation of their services has made gold loans more accessible and enticing for millennials. The younger generation is now more ready than ever to utilise their gold assets and put them to good use by funding their personal, medical and business needs.
Having been the first generation to grow up with the internet, millennials, through their innovative minds, have boosted the startup culture. This is where the price of gold assets through gold loans proves more than accessible to the millennial generation. The gold loan’s online presence and its quick loan disbursement are some of the features that may explain the surge in its demand among millennials. Furthermore, some NBFCs accept gold loan repayments with just a click.