Need secured loan? Now you can get more from your gold; here's how

Unlike a personal loan, gold loan is secured loan with your gold article as collateral, and bears a lower interest rate

The Reserve Bank of India (RBI) on Thursday announced that lending institutions like banks and non-banking finance companies (NBFCs) could now lend up to 90 per cent of the value of gold jewellery, raising the cap from 75 per cent earlier. The RBI increased the LTV (loan-to-value) ratio on gold loans to provide relief to borrowers looking to take gold loans to mitigate the financial exigencies caused by the coronavirus crisis. Here's what you must know:

RBI statement on gold loan

The RBI said: "As per the extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery