KATHMANDU, Oct 9: The general public will be able to obtain loans of up to Rs 5 million by pledging gold with banks and financial institutions (BFIs).
The Nepal Rastra Bank (NRB) has established a single customer loan limit of Rs 5 million for gold and silver collateral through the unified directives issued to Class A, Class B, and Class C BFIs for the year 2023.
Public transport sector suffers damage worth 730 million in rec...
Previously, no single loan limit had been established. The NRB has directed BFIs to set a single customer loan limit for loans already disbursed by mid-July, 2026.
According to the unified directive, BFIs must verify the gold or silver pledged as collateral before disbursing a loan to ensure that the loan is secured.
When disbursing a loan in this manner, the gold or silver pledged as collateral must be kept in a single pouch. If the borrower provides multiple pouches or if only one pouch contains gold or silver without proper verification, the loan will be subject to a 100 percent loss in the event of a default.
Continue with Google