Who is the best for a loan against gold?3 min read . Updated: 22 Jan 2014, 06:07 PM IST
Now that both banks and NBFCs are on par, check the other charges to decide who's better
The Reserve Bank of India (RBI) has finally given a level playing field to banks and non-banking finance companies (NBFCs) in giving loan against gold jewellery. On 20 January, the central bank issued a circular stating that it has decided to prescribe a loan-to-value (LTV) ratio of not exceeding 75% for banks’ lending against gold jewellery. Simply put, loans sanctioned by banks should not exceed 75% of the value of gold ornaments and jewellery.
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