Features of SBI Gold Loan
- Maximum Loan Amount: Rs. 50,00,000
- The minimum loan amount is Rs 20,000/-.
- Gold Loan Margin (EMI): 25%
- Overdraft Liquid Gold Loan: 25%
- Bullet Repayment Gold Loan* for 3 Months: 30%
- Bullet Repayment Gold Loan* for 6 Months: 30%
- Bullet Repayment for 12 Months 35% gold loan
Eligibility of SBI Gold loan
- The age must be at least 18 years
- Any individual (individually or jointly) having a stable source of income, such as bank employees or pensioners.
Processing Fees:
-
- 3 Months Bullet Repayment Gold Loan : Rs. 200+GST
- 6 Months Bullet Repayment Gold Loan : Rs. 300+GST
- 12 Months Bullet Repayment Gold Loan : 0.50% of loan amount subject to minimum Rs. 500 and maximum Rs. 10000+ applicable GST.
- Gold Loan EMI based : 0.50% of loan amount subject to minimum Rs. 500 + applicable GST.
Repayment Mode of SBI Gold loan
- Gold Loan (EMI): Principal and interest repayment will begin the month after the month of disbursement.
- Overdraft Account with Transaction Facility (Liquid Gold Loan): Overdraft Account with Transaction Facility. Monthly interest must be paid. The account’s drawing power will be computed based on the current market value of gold reported by the bank from time to time.
- 3 Months Bullet Repayment Gold Loan: Interest and Principal are due on or before the conclusion of the term.
- 6 Months Bullet Repayment Gold Loan: Interest and Principal are due on or before the conclusion of the term.
- 12 Months Bullet Repayment Gold Loan: Interest and Principal due at the end of the term.
Repayment Period of SBI Gold loan
- 36 month repayment period of EMI based Gold Loan
- 36 month repayment period of Liquid Gold Loan ( Overdraft)
- 3 months repayment period of 3 Months Bullet Repayment Gold Loan
- 6 months repayment period of 6 Months Bullet Repayment Gold Loan
- 12 months repayment period of 12 Months Bullet Repayment Gold Loan
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Documents Required for SBI Gold Loan
To Apply for Loan:
- Application for a Gold Loan, with photos.
- Identification and address evidence
- A witness letter is required for illiterate borrowers
At The Time Of Disbursement
- Demand Promissory Note (DP) and DP Take Notice of the Delivery Letter.
- Accept Delivery Letter for Gold Ornaments.
- Letter of Arrangement
How to Apply For SBI Personal Gold Loan through website?
- Go to the SBI’s official website.
- Choose the ‘Loan’ Section.
- On the ‘Loan’ Section, select the ‘Gold Loan’ option.
- A new page will appear; select ‘SBI Personal Gold Loan’.
- The ‘Apply Now’ button will appear.
- Click on it and proceed as directed.
How to apply for a Gold loan via SBI YONO App?
- Log in to your YONO account using your login information.
- On the main page, click the menu in the upper extreme left corner.
- Loans should be chosen.
- Choose ‘Loan’ from the menu option on the upper left side of the home screen.
- Now, choose ‘Gold Loan’ and then ‘Apply Now.’
- Fill in the data about the gold, such as the type, quantity, carat, and net weight.
- Provide your personal information, such as your residency type, employment, and net monthly income, and then submit your loan application.
- Now, proceed to your SBI Bank branch with your gold goods to be pledged, two passport-sized pictures, and the other KYC papers specified above.
- Sign the documentation, and the loan will be approved.
How to apply for SBI gold loan Via Missed call and SMS facility
To apply for an SBI Gold Loan, make a missed call to 7208933143 or text ‘GOLD’ to 7208933145 from your registered cell number.
SBI Gold loan Interest Rate
| Scheme | 1 Year MCLR | Spread over 1 year MCLR | Effective |
|---|---|---|---|
| Gold Loan EMI based | 8.50% | 0.30% | 8.80% |
| Liquid Gold Loan ( Overdraft) | 8.50% | 0.30% | 8.80% |
| 12 Months Bullet Repayment Gold Loan | 8.50% | 0.30% | 8.80% |
| 3 Months Bullet Repayment Gold Loan | 8.10% | 0.55% | 8.65% |
| 6 Months Bullet Repayment Gold Loan | 8.40% | 0.30% | 8.70% |
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