Arvog now provides gold loans in partnership with Augmont Gold For All, India’s number one gold platform. It is a one-stop solution for gold. While representatives of Augmont provide gold loans services at the door step of the customers, Arvog provides the finance. Gold is stored under the custody of Arvog’s appointed vaults.
As per KPMG’s 2019 report, India’s gold loans market was estimated to be around 10 lac crore then when gold prices were Rs 3800 per gram. Ever since Covid hit India, this market has been growing further and faster as people resorted to emergency funding to meet their daily and healthcare needs. Also, the increase in gold price, which currently is at around Rs 5000 per gram has also helped Indian households which hold around 24000 tonnes of estimated gold.
Priyank Kothari, Director of Arvog said “As per the KPMG report around 65% of the market was still unorganised and moving increasingly towards organised markets. The Arvog-Augmont partnership aims to capture that market with the use of latest technology. Augmont.com and its app enables live tracking of gold packets and instant disbursals from Arvog. Augmont also enables faster and more accurate assessment of gold with its indigenous tech and skills – the pain point for most banks. The use of tech helps avoid frauds and spurious gold. We are very bullish and expanding the gold loans book aggressively but at the same time keeping a complete control on risks.”