lystn

The Reserve Bank of India (RBI) announced that banks can now lend up to 90 per cent of the gold ornaments value, up from the existing limit of 75 per cent. The central bank increased the LTV (loan-to-value) ratio on gold loans to provide relief to borrowers looking to take gold loans to mitigate the financial exigencies caused by the novel coronavirus pandemic. The RBI stated that this relaxation is valid till March 31, 2021. Taking a gold loan is easy as a borrower is required to visit the nearest bank branch with the gold ornaments that will acts as a collateral along with documents of proof of identity, proof of address and photograph. The bank may ask you to provide further documents in case the need arises.