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Why millennials should opt for gold loans to fund personal needs

Friday, April 12, 2019
Financial Express



 

As times are changing, gold loans are fast shedding their traditional tag and embracing the technology to appeal to the millennial user.

It is no secret that India is a young country. Young Indians are making their mark across the globe in every field and are making the country proud. Like with everything else, if there is one word that could be used to characterize this generation, it will be “Instant”.
 
The instant generation or the millennials have been defined by experts across the globe. I shall not venture into that territory. My intervention today is to tell you how a product like gold loan, which has been associated with the poor and rural people, is more suited to the instant and urban populace, we have come to recognize as the millennials.
 
Traditionally, when gold loan as a product was born, it was a product for the poor. It gave them the liberty to monetize household gold deposits and offered instant cash in the direst of situations. However, as time has passed, fruits of economic progress have reached the interiors of our country. Farmers are now more educated and use the latest technology to carry out transactions for their day-to-day business needs. The gold loan product has also evolved and made itself future-ready.
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