Eligibility, Interest Rates and Features Explained
To deal with a temporary cash flow crisis, a person has different options. These include taking a gold loan, a personal loan. Gold loans can help overcome a financial emergency. You can get a loan quickly with minimal paperwork. SBI Gold Loan can be used by pledging gold ornaments including gold coins sold by banks with minimal paperwork and low interest rate. “Apply for a #GoldLoan with SBI and take advantage of great offers like 7.50% interest rate, zero processing fees and many more.” SBI said in a tweet.
Here is everything you need to know about SBI Gold Loan:
Age: A borrower must be at least 18 years old to be eligible for this scheme.
Profession: Anyone (individually or jointly) with a stable source of income, including Bank employees, retirees. (No proof of income required)
Features of the SBI Gold Loan
Maximum loan amount: ₹50 lakh
Minimum loan amount: ₹20,000
Low Processing Fee – SBI charges a low fee to process the loan, making it light on a borrower’s pocket. 0.25% of the loan amount + minimum applicable GST Rs250 / – + applicable GST and nil if applied via YONO.
Gold items provided as collateral are returned when the loan is repaid, ensuring that no one loses them.
Gold loan: 25%
Liquid gold loan: 25%
Gold loan with bullet repayment: 35%
Method of reimbursement
Gold loan: The repayment of capital and interest will begin from the month following the month of disbursement.
Liquid gold loan: an overdraft account with ease of transaction and monthly interest must be paid.
Bullet Payable Gold Loan: No later than loan end / account closure.
Gold loan: 36 months
Liquid Gold Loan: 36 months
Gold Bullet Loan Repayment: 12 months
To apply for a loan
- Gold loan request with two copies of photographs.
- Proof of identity with proof of address.
- Witness letter in case of illiterate borrowers.
Time of disbursement
- The DP note and the letter of receipt of the DP note.
- Gold ornaments take delivery letter.
- Letter of arrangement.
SBI Gold Loan Interest Rate
Gold loan (all variants): 7.50%
Realty Gold Loan – A gold loan product exclusively for SBI home loan customers (all variants): 7.3%
Missed call, SMS service for SBI Gold Loan
To learn more about SBI Gold Loan, you can make a missed call to 7208933143 or SMS GOLD to 7208933145.
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