Apart from Hyderabad, the gold and silver prices in the national capital Delhi are also seeing a low. The price of 10 grams of 22 carat gold in Delhi fell by Rs.200 to Rs.45,950. Also, the price of 10 grams of 24 carat gold decreased by Rs.220 to Rs.50,130. Along with gold, silver rates also fell in Delhi. Silver rate has decreased by Rs.900 to Rs.55,400 per kg.
On the other hand, the Reserve Bank of India (RBI) is going to announce its bilateral monetary policy this week. Majority of the analysts are predicting that the interest rates will once again be increased up to 50 basis points in this policy. If the RBI hikes the repo rate again, the loans offered by financial services firms will also become burdensome. As borrowing costs increase.. banks, NBFCs and other institutions also increase their term loan rates. Financial institutions have raised their benchmark lending rates several times since May. If there is a rate hike this time too, it is likely to have an impact on gold loans.
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Currently, Bajaj Finance charges interest rates between 10 percent to 28 percent per annum on gold loans. Also there is a processing fee of Rs.75 on the loan amount. Also, IIF Finance charges interest rates between 12 percent to 27 percent on gold loans. Muthoot Fincorp has an interest rate of 9.95 percent on an amount of Rs.5 lakh. The gold loan interest rate under its Easy Pro scheme starts from 18 percent per annum. Also, the rates in Easy Max and Super Value Gold loan schemes start from 21 percent and 23 percent. Muthoot Finance charges interest rates ranging from a minimum of 12 percent to a maximum of 27 percent. Also, SBI charges 8 percent per annum on its Realty Gold and Personal Gold Loan Scheme.
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