Gold Loans for Women: Empowering Women Entrepreneurs and Small Business Owners
In recent years, India has witnessed an upsurge in the number of women entrepreneurs, excelling in a plethora of startup industries including e-commerce, healthcare and many more. Famous household names such as Falguni Nayar who founded Nykaa, co-founder of MobiKwik UpasanaTaku (MobiKwik), the infamous shark from the Sony Liv series Vineeta Singh and also the co-founder of Sugar Cosmetics, and many more business icons.
However, there are several untold heroes who have also proven the true spirit of entrepreneurship.
Imagine when all hope is lost, you realize gold can give you that second chance you yearn for. Such is the tale of MrsKrishnavanti who supported her family during a crisis by using gold as their instrument for survival.
During the first few years of her life, MrsKrishnavanti resided in the city of Gujranwala, nestled in the idyllic landscape of the Punjab region in Pakistan. However, the tranquility of her neighborhood was disrupted by the tension and turmoil that accompanied the Partition era. As a result of this turmoil, MrsKrishnavanti’s family was filled with fear and trepidation and took refuge in the safety of their home.
Alas, their attempts at seclusion were to no avail, as looters eventually broke in. MrsKrishnavanti’s grandmother surrendered all of their gold and jewellery, except for a few that she cleverly concealed in her clothing. After the looters had departed, MrsKrishnavanti and her family emerged from their hiding place, no doubt relieved to have survived such a traumatic event. The concealed gold that they carried with them became the lifeline of their family for several months. It was through this precious metal that MrsKrishnavanti embarked on a journey of entrepreneurship by crafting exquisite necklaces. With a fierce determination to provide for her family, MrsKrishnavanti transformed the gold into a tool of empowerment, forging a path for herself as an entrepreneur in a time of great adversity.
Accessing finance for their ventures can be a hurdle for several women, especially those from unprivileged backgrounds. Herein lies the significance of gold loans, providing a means for women entrepreneurs and small business owners to secure the required funds to start or expand their businesses.
Gold has always been a symbol of wealth and status for Indian women, with gold jewelry and coins often perceived as valuable assets to be passed down to future generations. However, the advent of gold loans has transformed the way women perceive gold. Gold is no longer just an ornament or asset, but a tool for empowerment.
Gold loans offer a hassle-free and rapid way for women to secure funds for their business ventures. Unlike traditional loans, gold loans do not necessitate extensive documentation or credit history checks. The collateral, i.e. gold jewelry or coins, is evaluated, and the loan amount is determined based on its value. This makes gold loans an ideal choice for women who may not have a solid credit history or access to other forms of collateral.
Several banks such as Karnataka Bank offer Instant Gold Loan and you can use a gold loan calculator to understand what quantity of gold is required as collateral to loan the money you need. It is important to note that not all banks have the same maximum gold loan per gram rate in spite of the fact that gold has a uniform market price. So remember to browse through different gold loan per gram rates and interest rates to find what suits you best.
Gold loans are a powerful tool for women entrepreneurs and small business owners in India. They provide a way for women to access the funds they need to start or expand their businesses, without the hurdles and bureaucracy that can come with traditional loans. As more and more women enter the world of entrepreneurship, gold loans will continue to be a vital resource for empowering women and helping them achieve their dreams. To all aspiring women, don’t just sit on a gold mine, take advantage of it and unleash your potential!