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Laid-Off Employees Deep In Debt As Slowdown Hits Tamil Nadu Auto Hub
In Chennai's Ambattur, a hub for tiny auto component manufacturers, machine operator Sahaya Mary was pushed out of her job of 10 years. With no means of income, she had to take a loan from a private money lender at a very high interest rate. Unable to pay off her debt, she has now pledged the little gold that she owned. "I don't know whether to eat...
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Organised Gold Loan Industry To Touch Rs 3.1 Lakh Crore By Fiscal 2020, Says Report
Since gold loans are fully securitised, lenders have the option to recoup the full principal amount if the borrower defaults - hence, there is no need for extensive checks on borrower's previous repayment records, it said.
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Laid-Off Employees Deep In Debt As Slowdown Hits Tamil Nadu Auto Hub
In Chennai's Ambattur, a hub for tiny auto component manufacturers, machine operator Sahaya Mary was pushed out of her job of 10 years. With no means of income, she had to take a loan from a private money lender at a very high interest rate. Unable to pay off her debt, she has now pledged the little gold that she owned. "I don't know whether to eat...
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Organised Gold Loan Industry To Touch Rs 3.1 Lakh Crore By Fiscal 2020, Says Report
Since gold loans are fully securitised, lenders have the option to recoup the full principal amount if the borrower defaults - hence, there is no need for extensive checks on borrower's previous repayment records, it said.
