Mumbai resident Akhila Swamy (name changed on request) needs Rs 3.50 lakh. She had planned to raise the funds against her gold holding, which she rarely uses. Once earlier when she had a similar requirement she had borrowed against the same. But, some friends have advised Swamy against it given that the Reserve Bank of India (RBI) has been tightening lending norms against gold jewellery.
“I have gold coins also which I had pledged last time. And I was able to secure as much as 80% of the value of gold. But, this time when I enquired over the phone two companies told me that I would get only up to 60% of the value of gold sans gold coins. If I leave out coins I may not be able to raise as much as I want,” Swamy complains.In a latest notification the RBI has reiterated that the loan-to-value (LTV) ratio for loans against jewellery should be 60%. The apex bank has also asked for the value of gold jewellery to be standardised.
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