On June 6, the Reserve Bank of India (RBI) made a big change regarding gold loans and new announcements were made in which borrowers will get relief. The central bank has given an important update for borrowers including interest. As you know, an important decision has been taken for gold loans up to Rs 2.5 lakh, under which the loan-to-value (LTV) ratio has now been increased from 75% to 85%. With this announcement, all lenders will get a big relief. Let us tell you what is the new update of RBI
RBI changed the rules for gold loan
Let us tell you that if the gold you have pledged is worth one lakh rupees, then the borrower will now be able to get a loan of up to Rs 85,000 instead of Rs 75,000. This change will make it easier for small businesses to get a loan, apart from this, the borrower will also get great relief.
According to the news, RBI Governor Sanjay Malhotra had made a big announcement a few days ago in which loan assessment eligibility has been fixed on gold loans, in which an attempt has also been made to reduce the burden of all documentation. Everyone will have to follow this new rule and the rules will also be applicable to all the finance companies giving gold loans.
Apart from this, another news has also come out that the Reserve Bank of India has decided to increase the loan-to-value (LTV) limit for gold loans up to Rs 2.5 lakh. Now this rule will be of great benefit. It has also been decided to increase the gold loan rate from 2% to 7%. Under these rules, the limit has been increased from 75% to 85% and this limit will have a positive impact on the shares of all finance companies like IIFL Finance and Muthoot Finance, Manappuram Finance. Big changes can also be seen in the coming times.