Demand for gold loans spikes in T.N. as lockdown brings down income levels
The Hindu
More women borrow to help businesses of their husbands and pay education fees
Rajalakshmi, a home-maker, recently pledged five sovereigns of gold — something she has acquired over the last four years — at a public sector bank in Chennai to meet her expenses. Until COVID-19 broke out, the 48-year-old was working as a domestic help at two houses (earning ₹4,000 a month per house). Her husband was a cook at a small restaurant earning ₹7,000 a month. “I lost my job last year as many houses stopped allowing housemaids. The restaurant where my husband worked wound up in January; he has just now found another job. I have to pay my daughter’s school fees and son’s college fees. I had some savings which was not sufficient, so I thought I would pledge my gold ornaments for the time being,” she said. The branch manager of this bank said that before the pandemic struck, the bank had 5-7 people walking in a month to pledge gold; but now customers are stepping in almost every day to avail themselves of these loans.More Related News