Get More on Gold Loan from NBFCs

People those want to get the loan from the Non-Banking Financial Companies (NBFCs) would borrow more against the value of their gold, as the Reserve Bank of India (RBI) on Wednesday has allowed NBFCs to lend up to 75 per cent of the value of metal from 60 per cent at present.

The apex bank has allowed the NBFCs to lend up more against gold in a view to moderate the gold loan portfolios of these companies.

The gold loan would be a secure way to get loan for the people those want to borrow money from the banks and non-banking financial institutions. Earlier the RBI had allowed the NBFCs to avail 60 per cent of the value of the gold now that has been increased by 15 per cent making it to 75 per cent.

However, the value of the gold would be considered barring the other cost elements like making charges.