SBI Gold Loan: Interest Rate, EMI, Documents & Apply Online

If you are in need of immediate funds then a gold loan is a good option to take care of your financial emergency. you can avail of a gold loan quickly with minimum paperwork and India’s largest bank State bank of India offers gold loans at a very low-interest rate of 7.00% with minimal paperwork and quick disbursement.

You can avail SBI gold loan by submitting the owned gold, gold ornaments, or gold coins as collateral or security with the State Bank of India. More details like gold loan amount, gold loan eligibility, applicant age limit, gold loan repayment tenure, gold loan interest rates, how to apply for SBI Gold Loan, processing fees, stamp duty, documents required, pre-payment penalties, charges, and why you should take a Gold Loan from SBI, etc. are provided below.

Features and Benefits of SBI Gold Loan

  • Low Interest Rates.
  • Low Processing fees and no hidden cost and admistrative charges.
  • Minimal documentation and quick disbursement.
  • Applicants can avail a SBI gold loan for an amount as low as INR 20,000 and maximum can borrow up to INR 50,00,000.
  • The interest rate on an SBI gold loan start as minimum 7% per annum.
  • SBI Gold Loan repayment tenure for different schemes are-
    • Gold Loan repayment tenure of up to 36 months.
    • Liquid Gold Loan repayment tenure of up to 36 months.
    • Bullet Repayment Gold Loan repayment tenure of up to 12 months.
  • SBI Gold Loan Processing Fees Charges 0.50% of the Loan amount + applicable GST (Minimum Rs. 500/- + applicable GST).
  • There are no charges for prepayment and foreclosure of SBI gold loan.
  • Gold items provided by you as security are returned on successful repayment of loan.
  • The margin across on various gold loan schemes are :-
    • Gold Loan – 25%
    • Liquid Gold Loan – 25%
    • Bullet Repayment Gold Loan – 35%

Eligibility For SBI Gold Loan

  • Age of borrower should be minimum at least 18 years old and maximum up to 70 years old in order to qualify for SBI Gold Loan Schemes.
  • Anyone (singly or jointly) with Steady source of income (But, proof of income not requied) are also eligible for SBI gold loan.

Interest Rate For SBI Gold Loan

As we mentioned earlier, SBI Gold Loan interest rates started from 7.00% per annum.

NOTE – The bank charges 0.50% above the MCLR-1yr for scheme Gold Loan(all variants) and 0.30% above the MCLR-1yr for scheme Realty Gold Loan(A Gold Loan Product exclusively for SBI Housing Loan Customers (all variants)).

SBI Gold Loan Processing Fees & Charges

  • SBI Gold Loan Processing Fees Charges 0.50% of the Loan amount + applicable GST (Minimum of Rs. 500/- + applicable GST). Nil, processing fees if applied through Yono App.
  • There are no charges for prepayment and foreclosure of SBI gold loan.
  • Gold appraiser charges will be paid by the Applicant.

Documents Required For SBI Gold Loan

To Apply for a Gold Loan following documents are required:

  • Identity Proof- Any one copy of Pan Card, Passport, Voters ID card, Driving License.
  • Address Proof- Any one copy of Ration card, Driving License, Voters ID card, Property purchase Agreement, Registered Lease Agreement, Passport, Utility Bills on the name of the applicant, Rental Agreement of applicant.
  • Application for SBI Gold Loan with two passport size photographs.
  • Witness Letter in case of illiterate borrowers.

Time of disbursement following documents are required:

  • Demand Promissory Note & Demand Promissory Note Take Delivery Letter at time of loan disbursement are required. This document states that the borrower promises to repay the loan amount at the said interest rate.
  • Gold Ornaments Take Delivery Letter at time of loan disbursement are required.
  • Arrangement Letter at time of loan disbursement are required.

How to Apply for SBI Gold Loan

You can apply for SBI Gold Loan online. simply follow the below steps and complete your gold loan application.

Step 1 – Visit SBI Gold Loan Application Form By Clicking Here(SBI Gold Loan Apply Online).

Step 2 – Now after visiting you can see get eligibility form kindly complete it and fill in your details like your phone number, relationship with the bank, account number, and purpose of the loan.

Step 3 – After submitting details, you can check the loan offer and If you agree, with the loan offer then you are required to submit all your essential documents and complete your application form.

SBI Gold Laon FAQ’s

  1. What are the eligibility criteria for SBI Gold Loan?

    The age of the borrower should be a minimum18 of years and a maximum of up to 70 years and Any individual (singly or jointly) with a Steady source of income (But, proof of income not required) is also eligible for an SBI gold loan.

  2. What is the rate of interest for the SBI Gold Loan?

    SBI Gold Loan interest rates started from 7.00% per annum. But, the bank charges 0.50% above the MCLR-1 year for Gold Loan(all variants) and 0.30% above the MCLR-1 year for the Realty Gold Loan scheme.

  3. What is the loan repayment tenure for SBI Gold Loan?

    SBI Gold Loan repayment tenure of maximum up to 36 months but in case of Bullet Repayment Gold Loan scheme loan repayment tenure up to 12 months.

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