NBFC's that have its core business in wow gold loans are the fasted growing financial services business in India. In a recent recommendation, the working group appointed by the Reserve Bank of India raised the tier 1 capital reserve requirement for NBFC. Even though the move has not been welcomed by smaller Non Banking Finance Companies, the Larger Gold Loan NBFC's are happy that they are now viewed on par with banks. Large gold loan companies like Muthoot Fincorp with a gold loan portfolio of more than 160 crores have welcomed the move.
The RBI working group recommends a Tier 1 capital reserve of 12 per cent applicable to the assets of NBFC's also, which highlights the importance of gold loan companies in financing sensitive sectors. Such measures help gold loan companies and banks to address systemic risks.
Previously, for gold loan with a ticket size below Rs 1,00,000 banks are required to apply a risk weight of 50 per cent while NBFC's a risk weight of 100 per cent of the entire gold loan portfolio. The new recommendations have lowered the risk weight hence freeing up more of the capital and placing gold loan NBFC's on par with banks.
The amount of vehicle loan you are liable to obtain is usually 2.5 to 3 times your annual salary and if that amount does not cover the price of the vehicle, you can club your spouse's income to obtain the required amount. For self employed persons, vehicle loans can be obtained up to six times your annual income.
Once the institution passes the loan, they will charge a processing fee' for your vehicle loan. It usually an mounts to a small percentage of the total vehicle loan amount, approx. 1 or 2 percent.
Muthoot Capital Services offers attractive vehicle loans at minimal interest rates with easy documentation and processing. Information on the vehicle loans offered buy wow gold by Muthoot Capital Services Ltd. may be had at www.muthootfincorp.com
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