Gold Loan: RBI changed the rule, instead of 75%, loan will be given loan at full price of gold

News India Live, Digital Desk: Gold Loan: Often when we need money immediately, the first remembers gold, because it is easy and faster to take a loan on it. And now, there has been a very good news about this gold loan!

The Reserve Bank of India (RBI) has recently made a huge change in the rules of gold loan, which will directly benefit those who take money by keeping their gold.

So what is this change and how will you benefit?

• What was it before? In the state and urban cooperative banks, you were able to take a maximum of 75% loan of your gold price. Meaning, if you have gold worth 1 lakh rupees, then you used to get at most 75 thousand rupees.

• And what will happen now? RBI has given this 75% limit Has removed! That is, now these banks can give loans according to the entire value of your gold. Maybe, you can also get a loan of up to 1 lakh rupees on 1 lakh gold!

Why is this a big advantage?

These changes are a big relief for people living in small towns and towns, because they have more access to these banks. Think, if you want more cash immediately, now your gold will work more!

Anyway, gold loan is considered to be the best option in emergency, as it has less paperwork, gets a quick loan and your cibil score does not matter much.

The RBI says that this change will strengthen these cooperative banks and they will be able to reach more and more people. Also, this will increase the competition in the gold loan market, which will directly benefit the customers.

Overall, it is big news for all those who immediately rely on gold for cash. Now you will get more value on your gold

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