Rbi new rules: According to the new draft rules issued by the Reserve Bank for gold loan, applicants for gold loan will not be given more than 65 percent loan of gold market price. The rule is that 75 percent of the gold market value should be made available as gold loan. Thus Rs. In the bullet payment loan system, if a loan of Rs 5 lakh is given on gold worth Rs 7 lakh, then the borrower will have to pay Rs 10 lakh with 10% interest at the end of the year. 5.50 lakh rupees will have to be paid. Rupee. A loan of Rs 5.50 lakh will not fit in a 75% bullet payment system ratio. If the price of gold increases during this time, there will be no problem. But if the price of gold falls, the borrower may need to deposit margin money. It is not difficult to reach this level, so that more than 65 percent loans will not be provided.
It is mandatory to maintain 90 percent of the market price upset value.
The limit of repayment of bullet loan has now been increased from Rs 4 lakh to Rs 5 lakh. Under the bullet repayment system, neither interest nor principal will be payable for twelve months after taking the loan. But after the completion of twelve months, the principal of the loan including interest will have to be repaid. Those who take gold will benefit. Banks charge about 8 to 10 percent interest on gold loan. Non-banking financial companies and private companies charge 14 to 16 percent interest. Private banks and NBFCs are charging heavy fines from those who do not pay gold loans.
To determine the market value of gold for gold loans, the daily price that appears on the Bullion Association portal and the thirty-day average of the daily published prices will be considered the market value of gold brought aimed at providing the lowest price to the lowest price. Therefore, the estimate of the amount of gold loan given by the customer to the lender at night may increase or decrease due to market fluctuations. Thus, the loan obtained by the gold loan borrower may increase or decrease. On the other hand, gold prices have increased by 35 percent in the last twelve months. In addition, gold loans have increased by 87 percent on an annual basis. Rupee. 1.91 lakh crore rupees have been given in the year 2024-25 gold loan worth 1 lakh. In contrast, the credit card loan has increased by only 11 percent.
Companies will be able to determine their interest rates on the basis of the cost of funds.
Yes, every institution providing gold loans has been allowed to determine interest rates as per cost. The Reserve Bank has not made any provision for interest. But the rules applied to NBFCs, banks and gold finance companies have been uniform. NBFCs and gold finance companies also charge high interest rates and also pay hidden costs. Some lenders or private funding also provide gold loans at a certain rate. If you take a loan on the condition of repaying the second installment and forget to pay one or more installments in the middle, then you will be charged four percent additional interest for the period from the day of taking the loan. Thus, if there is a lapse in the seventh month after paying a loan regularly for six months, an additional interest of four percent is imposed, even if the money has been paid for the last six months. People taking gold loan are unaware of this hidden risk.
If the person paying the loan does not return the gold within 7 days, then Rs. Everyday fee will be charged. 5000 fine
The Reserve Bank has also made stringent provisions in favor of those taking gold loan. The Reserve Bank has introduced the rule in the new draft that if the person taking the gold loan repays the entire loan within twelve months, the gold of the person will be returned within a period of 7 days. If lenders, private gold finance companies or banks fail to follow this rule, then that institution will have to charge a fee of Rs 500 from the gold borrower. 100 per day. A fine of Rs 5000 will have to be paid for each day of the delay. If the organization providing a gold loan to the customer has also written a letter to take gold, even if the customer does not come to take gold, in such a situation, a fee of Rs 50 per day will be charged from the gold loan provider. A fine of Rs. A fine of 5000 will be imposed.
It is difficult to get loan on sleep without bill
The provision to establish gold ownership has now been made more rigid. But women often do not bring a bill to bring gold as a wedding gift. Therefore, it will be difficult to provide gold loan on sleeping without bills. The loan provider will have to take an affidavit from the person taking a loan on the gold without bill, in which it will be said that gold is their property. However, the responsibility of confirming the reality of this announcement has been put on banks, NBFCs and lenders. The big question is how a company, NBFC or bank can verify it.
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