What is Girvi? (गिरवी)
Girvi is the traditional Indian term for a mortgage or pledge, typically referring to a loan given against gold or silver jewelry as collateral.
Detailed Explanation
In the Indian subcontinent, 'Girvi' primarily refers to the pawn shop or money lending business where customers pledge their precious metals (gold, silver) in exchange for cash. The jeweller or money lender holds the asset securely until the principal amount and accrued interest are repaid. If the customer defaults, the lender eventually has the right to melt or sell the collateral to recover the loan.
Why is Girvi Important?
Understanding the exact terms of Girvi is crucial for both lenders and borrowers to avoid disputes regarding interest rates, collateral safety, and return policies.
How SthirApp Handles Girvi
SthirApp digitizes the entire Girvi process. Instead of writing loan details in a paper register, lenders can record the gold weight, purity, and loan amount in the app, which automatically tracks the interest over time.
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