Gold loan become better option than personal loan
Article by Hardeep
As a substitute of taking on a personal loans at exorbitant rates of interest, it's worthwhile to check out loans against gold being offered by banks. Loans with gold as security come at a very low interest rate of around 12 %, compared with upwards of 17 % on unsecured personal loans. Several banks have already begun to lend against gold.
It's also a period when the gold loan business is expected to be a focus area for several banks because it offers lenders an opportunity to tap the individual loans segment without getting involved in risky unsecured personal loans.
Private sector lender, HDFC Bank, is planning to aggressively grow its gold loan portfolio with easy processing methods and competitive interest rates. The bank's gold loan portfolio has been growing at over 60 % for the past two years with two products — the gold overdraft facility offered at 14 to 15 % and gold loans at 12.5 %. Most of the banks offer loans at around this interest rate range.
The most active players lending against gold are non-banking financial companies such as Manappuram Finance. Manappuram lends at 12 % and offers a loan as high as Rs 1,600 per gm, which is very close to the market price.
"With the opportunity being vast, we will continue to look to grow this portfolio. We plan to increase the number of branches offering gold loans from 150 to 600 over the course of next year," said Biju Pillai, executive vice-president and business head at HDFC Bank.
The World Gold Council estimates that the gold monetisation process will open up the sector and enable the circulation of 18,000 tonnes of gold (worth approximately Rs 30,00,000 crore) back into the economy
Ajay Mitra, managing director India, West Asia and Turkey, World Gold Council, said, "Acceptance of gold for loans by banks and financial institutions is an important development that will infuse greater confidence in gold as an asset class."
Public sector banks such as Canara Bank, Syndicate Bank and some associate banks of SBI offer gold loans at competitive rates from 11.5 % to 13.75 %.
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Comments on Gold loan become better option than personal loan
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@Jeff, the explanatory notes from the Central Bank of Ireland are very light and do not explain the exact breakdown of "Other Assets", which is simplistically referred to as Emergency Liquidity Assistance (ELA) on here. In the recent past it has been understood to represent lending by the CBI to the domestic Irish banking sector as lender of last resort – because other funding markets had been closed off to Irish banks and because certain assets in Irish banks were not eligible for exchanging as security for ECB loans. It may however refer to lending to any Irish bank.
I would have expected non-Irish banks like Depfa to have been able to access lending at cheaper rates that those available from the CBI, eg from Germany.
In its unaudited accounts for y/e 31st Dec 2010, Anglo showed the NAMA bonds as assets on its balance sheet with the implication that they weren't being exchanged for loans at the ECB. INBS had €4bn of NAMA bonds but that institution has not produced any recent financial update to show what it was doing with the bonds. So if Anglo did transfer NAMA bonds to AIB, I don't see how that would have changed ELA because Anglo wasn't apparently repoing the NAMA bonds at the ECB. AIB might have needed to repo them but that would have happened at the ECB not the CBI where the €19bn spike has occurred. (EDIT: JR has reminded me that Anglo & INBS were actively repoing the NAMA bonds because that was the whole reason for the spike in MLF lending in February. So the NAMA bonds were "in play" for raising loans but in play with the ECB and that will continue next month presumably).
Lending from the ECB to Irish banks is also shown above simplistically as ELA but in practice represents lending under the three headings (Main refinancing operations, longer term refinancing operations, marginal lending facility)
Central Bank of Ireland explanatory notes for financial statements – Anglo Dec 2010 unaudited financial statement – http://www.angloirishbank.com/Media-Centre/Press_Release_HTML/2010_Unaudited_Financial_Information.pdf
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