Gold Loan: The Reserve Bank of India (RBI) announced significant changes to the rules governing gold loans on Friday, which are set to be implemented soon. These new rules include several changes, such as an increase in the LTV ratio and exemption from credit appraisal for gold loans up to Rs 2.5 lakh. Another rule is about to be implemented, under which an old loan will be available only after showing the receipt of purchasing gold jewellery.
What if there is no receipt?
RBI has stated in its draft proposal that banks or NBFCs will not provide loans if there is doubt about gold loan ownership. That is, if you are considering taking a loan against gold by pledging it, you will first need to present the receipt.
If you do not have the original receipt, you will need to provide a self-declaration. That is, you will have to prove that you have inherited the jewellery and you still have the ownership rights over it. The bank or NBFC will keep the ownership verification of the gold being pledged with them.
What about inherited jewellery?
Often, we receive gold jewellery from our parents or on the occasion of our marriage. In this situation, the chances of obtaining a receipt are negligible; therefore, can a loan not be taken by pledging Ace Gold Jewellery?
The answer is that if you have inherited gold jewellery and do not have a receipt for it, you can still obtain a loan, provided the gold is genuine and of value. In this situation, lenders will verify aspects such as purity, weight, and market value of the gold. Apart from this, keep the necessary documents ready to apply for a loan, such as a PAN card, an Aadhaar card, address proof, and a passport. The
RBI aims to provide loans to customers in a transparent manner, offering them more confidence and security through small loans. Additionally, fraud and money laundering can also be prevented. The Reserve Bank had released a draft of the new rules for gold loans on April 9. In the case of gold loans, the RBI aims to establish uniform regulations for banks and NBFCs, ensuring that customers do not face any confusion or problems.