Gold Loan: Some special changes have been made to take a loan loan from the Reserve Bank of India. This change is going to be very beneficial for customers taking gold loan. Now, if you have to take a gold loan, you will get more loans than before. RBI has increased the loan-to-value (LTV) ratio from 75% to 85%.
If you talk in easy words, you have some gold that costs 1 lakh rupees, then you can get a loan of up to Rs 85,000. This change will be applicable for gold loans up to Rs 2.5 lakh. So this new scheme can prove to be very beneficial for those who want to take a loan in a low budget.
Big change regarding gold loan
After this new rule, according to your need, you can easily take gold loan in low amount. Earlier where you used to get a loan of up to 75%, now you will get a loan of up to 85%. This will be very good especially for people living in small towns and villages because now they will be able to take a gold loan without any hassle to meet their small needs.
What is Gold Loan and how does it work?
Gold loan is the loan that you can take from the bank instead of your gold. This does not require paperwork and any big proof, just your gold is enough. Now, this change of RBI has made the process of taking loans even easier. Also, if you do not have a gold bill, you can still take a loan loan, just you have to fill a declaration.
Why is this change important?
The biggest benefit of this change will be those who have only gold, but they were not able to take loans from the bank. Now they have a chance to take a loan by using their gold loan properly. This will help especially those who have gold of a little less amount, but there is a lot of need to take their loan.
What will be the next step of RBI?
The RBI has introduced this change as just a draft, which will be taken by stakeholders. Then it will be implemented. The RBI also made it clear that this is not a new rule, but the old rules have been done simultaneously, so that the process of taking the gold loan can be even more simple. So if you are also thinking of taking a gold loan, now it will be very easy for you, and this new scheme can get you a loan according to any problem.
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