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Thursday, 6 August 2020

Now mortgaging gold will get 15% more money, banks will be able to approve loans up to 90% on gold

RBI gift / now mortgaging gold will get 15% more money, banks will be able to approve loans up to 90% on gold




Many people are taking out gold loans to meet the economic crisis

New Delhi. In view of the Corona epidemic, the Reserve Bank of India (RBI) has given a big gift to those who want to take loans by mortgaging gold. From now on, commercial banks will be able to lend up to 90% of the value of gold jewelry.

Under the current rules, banks can lend up to 75% of the value of gold jewelry. The RBI today increased this limit by 15%. However, this decision of the Reserve Bank will not apply to the Non-Banking Financial Institute (NBFC).

The scheme will be in force till March 2021

In a statement on the development and regulatory policy issued after the meeting of the Monetary Policy Committee (MPC), the central bank said that the limit of non-agricultural loans in exchange for gold jewelry is 75 to reduce the economic impact of COVID-19 on ordinary households, new entrepreneurs and small entrepreneurs.

 It has been decided to increase from% to 90%. This change will be effective until March 31, 2021. According to the guidelines issued by the RBI, from April 1, 2021, the limit on new loans on gold jewelry will again be 75% of its value.

READ IN GUJARATI NEWS

Ordinary people will benefit from this
Many people are taking gold loans to meet the economic crisis caused by Kovid-19. So far, Rs. 1 lakh gold over Rs. A loan of Rs 75,000 was available but now with the implementation of the new rules, Rs. Loans up to 90 will be available. With the RBI's decision, less gold will have to be mortgaged to get more loans from now on.

Gold lenders 10 major banks / NBFCs

Bank / NBFC interest rate
Muthoot Finance 12-26%
IIFL 9.24-24%
HDFC Bank 11-16%
ICICI Bank 11-19.76%
Canara Bank 9.85-9.95%
Axis Bank 14%
Mannapuram 12-29%
Federal Bank 9.50%
Bank of Baroda based MCLR
SBI 9.15%

Shares of the banking sector rallied
The RBI saw an improvement in banking shares by raising the gold loan limit. BSE Bangkok gained 500 points after the announcement. However, this improvement did not last long and by the time the market was over it had come down a bit.

The state of the banking sector of BSE

Bank increase
City Union Bank 2.58%
ICICI 2.13%
HDFC 1.98%
Kotak Mahindra 1.72%
IndusInd 0.85%
SBI 0.76%
Federal Bank 0.38%
RBL 0.31%
Axis Bank 0.01%

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