Thursday, October 18, 2012
by
Indian Real Estate News
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Gold loans increasingly have emerged as a great alternative to personal loans since they are much faster to get, have lower interest rates and the gold in many cases would only be an idle asset lying at home and it could be put to better use for raising money.
But now, with the new regulatory changes you may not be able to get huge sums of money with a gold loan.
The Reserve Bank of India has restricted the value of loans that can be raised to 60 per cent of the value of gold. So if you are pledging gold worth Rs 2,00,000 you would be able to get a loan of just Rs 1,20,000.
The number of credit cards and personal loans that the person has taken can have an impact on the credit score of an individual.
More number of loan applications show the credit hungry behaviour of the individual and it will be viewed with caution by a lender, the next time he seeks a loan.
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