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Gold loans may soon come with EMI plans

Banks and gold loan companies are planning to introduce monthly amortisation plans after the RBI pointed out deficiencies in gold loan disbursals. Banks and gold loan companies are planning to introduce monthly amortisation plans after the Reserve Bank of India (RBI) pointed out deficiencies in gold loan disbursals. For this, the regulated entities could ask consumers to begin paying interest and principal in equated monthly instalments (EMIs) as soon as the loan resumes.

 

In a circular on September 30, regulator RBI pointed out irregularities in granting loans against gold ornaments and jewellery. This was after the central bank found issues in the sourcing of gold loans, valuation, due diligence, end-use monitoring, auction transparency, loan-to-value (LTV) ratio monitoring, and the application of risk weights.




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