The Reserve Bank of
India (RBI) has raised the limit for urban co-operative banks (UCBs) to
sanction loan Rs. 2 lakh against gold collateral to from Rs. 1 lakh at present.
The urban
co-operative banks are allowed to give gold loan under the bullet repayment
scheme.
The bullet repayment scheme allows the UCBs to sanction loan only on
conditions that the period of loan shall not exceed 1 year from the date of
sanction & interest will be charged at monthly rests but will become due
for payment along with principal only at the end of 12 months from the date of
sanction.
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