Digital gold loans allow a person to avail a loan against their gold, either in the form of jewellery or coins, from the comfort of their home without having to visit a bank or the office of a non-banking finance company (NBFC). The popularity of digital gold loans spiked during the COVID-19 pandemic, when movements were restricted due to lockdowns across the country, and the need for funds was greater. Digital gold loans can be classified into two broad categories based on the process of application and the nature of the collateral.

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Gold loans are secured credit facilities extended by banks and NBFCs against gold jewellery. These loans can come handy and can be used to cover medical expenses, plan home renovation, expand business, etc. Most banks and financial institutions offer loans against gold jewellery, but some also offer loans against coins, bars and biscuits.

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Financial exigencies come undeclared and need fast thinking and quick action. Loans are easy bailout packages, but with multiple loan options available these days, one needs to be careful about what they choose. Personal loans provide help in immediate cash crunch but they may have higher rates of interest. Mortgaging idle gold assets can be a good alternative to a personal loan, but it too has its advantages and disadvantages.

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