In India, more than 80% of the working population is part of the unorganized sector. They are drivers, carpenters, electricians, plumbers etc. Working in the unorganized sector means there are no regular or fixed incomes.
They mostly get their salaries in cash (not in bank accounts). Thus, they have no income proof. Personal loan or for that matter, any other loan requires a lot of documentation and also has strict credit criteria. On the other hand, taking a gold loan is much simpler.
Member can mortgage the gold ornament and only need to provide address and identity proof, that’s all. There is no requirement to produce income statements, ITR etc.
Let’s be honest, nobody likes paperwork.
In Shree Kalikamba Souharda Sangha Niyamitha, we offer reasonable interest rate, simple application, within 30 minutes you will get a cash or loan will be transferred to the members required bank accounts.