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Monday, 22 April 2013

Gold loan firms asked to reduce maximum lending rate

The Association of Gold Loan Companies has asked its members to reduce the maximum lending rate in the light of falling gold prices.

The Association is closely monitoring the gold price movements and will advise its members of any further change in the maximum rate of loan per gram of gold, George Alexander Muthoot, President, AGLOC, said. After taking feedback from its members on current development of falling gold prices and its impact on their loan portfolios, AGLOC has asked member-companies to review its existing collection mechanism and further strengthen it.

There should be regular monitoring of overdue and high loan-to-value accounts. Companies should auction defaulted and abandoned loan accounts with due compliance to the fair practice code stipulated by the RBI, he said. Read more

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