2014-01-30 05:57:02 - Gold Loan Market in India 2012-2016 - a new market research report on companiesandmarkets.com
The India Gold Loan market is to grow at a CAGR of 26.33 percent over the period 2012-2016. One of the key factors contributing to this market growth is gold loan business´ high return on investment. The Gold Loan Market in India has also been witnessing frequent gold price fluctuations. However, RBI´s capping on loan-to-value ratio for non-banking financial companies could pose a challenge to the growth of this market.
One of the main trends witnessed in the Gold Loan market in India is the increasing adoption of technology by vendors. Gold Loan service providers are increasingly adopting technology for their processes to ensure rapid growth. Technology also enables them to start a number of branches, in a quick and efficient
process. It helps them to scale up their businesses by reducing human intervention and making the model cost-efficient. It helps keep track of borrower accounts and customer submissions. With the help of technology, service providers also have access to real-time data, which helps in faster decision-making.
One of the main factors driving the market is increasing awareness about gold loan providers in the organized sector. With increasing media campaigns, social awareness programs, and financial literacy programs, people are gradually realizing the potential of gold loans and now have a better understanding of the terms and conditions of such loans.
One of the main challenges is the lack of financial literacy in rural areas. Both public and private banks in India do not have a very strong network of branches in rural and remote areas.
The key vendors dominating this space include Manappuram Finance Ltd., Muthoot Finance Ltd., and Muthoot Fincorp Ltd.
The other vendors mentioned are Indian Overseas Bank and Indian Bank.
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