New Delhi. Are you planning to take a loan against Digital Gold?… So now there is good news for you. In fact, Shivalik Small Finance Bank (SSFB) on Tuesday announced a partnership with fintech firm IndiaGold to provide loan facility against digital gold.
SSFB said in a statement that through this initiative of the company, customers can get an instant loan of Rs 60,000 and you can use the gold held digitally for digital loans. On repayment of the loan, customers will have the option to take a new loan or get their gold back.
Loan will be available at 1% interest
On repayment of the loan, customers will have the option of taking a fresh loan or getting their gold at home. Customers will not have to make rounds of branches to take loans against their gold assets. According to the statement, the monthly interest rate for gold loan will start from 1 percent. Also, they will get instant loan with less paperwork and will not have to pay any processing fee.
Pay off the gold loan loan this way
If you have taken a gold loan, then you can also give gold to repay it. That is, physical gold can be given for the repayment of the gold loan. This rule has been made by the Reserve Bank of India (RBI) and is already going on. In July this year, RBI allowed banks to take physical gold for recovery of gold loans. The first rule was something else. Banks used to take repayment in rupees only for recovery of gold loan. Under this rule, the amount of loan equal to gold was taken, that much rupee had to be repaid.
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