- Increase the value of Gold Loan from 75% to 90%
- The general public can avail this facility till 31 March 2020.
new Delhi. The Reserve Bank of India has announced to provide more facilities on its gold during the Corona period, giving relief to the common people. The Reserve Bank of India has now given a loan of 90 per cent instead of 75 per cent of the total value of gold. According to RBI, people will be able to use gold loans properly and better to increase their business and to overcome the economic crisis. According to RBI, it has been kept till 31 March 2021 for the people of the country.
Increase in income is being used
in the era of corona virus, when people have lost their jobs, there is economic loss in business, gold loan is being used in such a way. According to experts, gold is a big and safe means of earning and earning. The special thing is that if the risk profile of the borrowers is high due to low income, then there is no effect on the lenders. On the other hand, the borrower has the easiest option to fulfill his requirement for a short period.
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After all
, according to the interest information, the interest rate of gold is less than a personal loan. At the same time, it takes less time to get a gold loan. Currently, the interest rate is getting between 10 and 15 percent on the basis of personal loan job profile and credit score. On the other hand, the interest rates for gold loans are kept between 8 and 12 percent. Each bank has different interest rates.
There are several payment options
– You can choose the EMI option to pay for a gold loan.
– Bullet repayment option is also available in Gold loan.
– You can also make partial payment in payment of gold loan.
– Banks may impose a penalty of 2-3 per cent for not completing the gold loan repayment time.
Importance of CIBIL score in Gold loan For
personal loan, your CIBIL score should be more than 750, many even ask for 800 marks. But this is not the case in gold loans. Cibil score history is not much importance in gold loan. But if credit history is good, then you can get gold loan at cheaper rates. No certificate is required or guaranteed on gold loan. The special thing is that the prepayment penalty is not required to be paid on repayment of gold loan ahead of time.
