There are various options to take care of a temporary cash crunch or tide over a financial emergency. These options include taking a personal loan, loan against gold etc. India’s largest lender State Bank of India also offers loans against gold. In this post, I will tell you all you need to know about SBI Gold Loan Interest Rate, Features, Eligibility, and Processing Charges.
Table of Contents
SBI Gold Loan Scheme
You can get State Bank of India gold loan quickly with minimum paperwork if you are facing a financial crisis. This loan can be availed by pledging of gold ornaments including gold coins sold by banks with low interest rate.
State Bank of India Interest Rates on Gold Loans: As per a tweet by SBI Bank, you can apply for a gold loan with SBI at an interest rate of 7.50% and nil processing fees.
Business ke liye achhi investment chaho toh #PehleSBI socho.
Apply for a #GoldLoan with SBI and enjoy exciting deals like 7.50% Interest Rate, Nil Processing Fee, and many more.
For a call back, give a missed call on 7208933143 or SMS GOLD at 7208933145
#SBI #StateBankOfIndia pic.twitter.com/OiY1SWt7Rg— State Bank of India (@TheOfficialSBI) February 21, 2021
Here is all you need to know before taking the gold loan from SBI.
Key Features of the scheme
Following are the key features of this scheme.
1. Maximum Loan Amount: Rs.50 lakhs
2. Minimum Loan Amount: Rs.20,000
3. Margin
Gold Loan: 25%
Liquid Gold Loan: 25%
Bullet Repayment Gold Loan: 35%
4. Security: Pledge of gold ornaments duly verified for quality and quantity.
5. SBI Gold Loan Processing Fee: A fee of 0.25% of the loan amount plus GST, Minimum Rs.250 plus GST and nil if applied through YONO app.
6. SBI Bank Gold Loan Interest Rate: 0.50% above the MCLR-1yr is applicable for any loan amount.
7. Others: Gold appraiser charges will be paid by the Applicant.
8. No hidden cost / administrative charges.
9. Minimal documentations – something that you had always wanted.
10. No repayment penalties.
Eligibility Criteria
1. Age – The applicant should be 18 years old or above in order to qualify for this scheme.
2. Income – The individual (singly or jointly) with a steady source of income including bank employees and pensioners. No proof of income required.
SBI Gold Loan Interest Rate 2021
The SBI gold loan rate of interest 2021 across various schemes is given below:
| SBI Gold Loan Interest Rates 2021 | |||
| Loan Scheme | One year MCLR | Spread over one year MCLR | Effective Interest Rate |
| Gold Loan (all variants) | 7.00% | 0.50% | 7.50% |
| Realty Gold Loan – A Gold Loan Product exclusively for SBI Housing Loan Customers (all variants) | 7.00% | 0.30% | 7.30% |
The above table of State Bank gold loan interest rate 2021 are as per the details available on the bank’s website. Click here to know the SBI gold loan interest rate today.
SBI Gold Loan Per Gram 2021
SBI gold loan rate per gram will depend on the purity of gold of your ornament. State Bank of India gold loan per gram will be communicated to you at the time of application.
Loan Repayment Mode
1. Gold Loan: The repayment of principal amount and interest will start from the month following the month of loan disbursement.
2. Liquid Gold Loan: The overdraft account with transaction facility and monthly interest is to be served.
3. Bullet Repayment Gold Loan: On or before the term of the loan/ on closure of account.
Repayment Period
The maximum repayment period for the gold loan and the liquid gold loan is 3 years. The maximum period for bullet repayment gold loan is one year.
Documents required
For SBI Gold Loan apply
1. Application for the loan
2. Two passport size photographs
3. Proof of Identity with proof of Address
4. Witness letter in case of illiterate borrowers
Time of Disbursement
1. DP note and DP Note Take Delivery Letter
2. Gold Ornaments Take Delivery Letter
3. Arrangement Letter
How to apply for SBI Gold Loan?
You can apply for this loan directly through SBI branch walk-in or by filling an online application form. Click here to fill online application form. You can dial SBI gold loan toll free number 1800-11-2211 for more information/ applying through SBI contact centre. To get a call back from SBI contact centre, you can also give a missed call on 7208933143 or send SMS “GOLD” on 7208933145. Click here to find SBI gold loan branch near me.
Track SBI Gold Loan Status
Click here to track your online application status.
Final Thoughts
You can get SBI gold loan quickly with minimum paperwork if you are facing a financial crisis. The application process for getting this loan is easy and does not require much time. You can avail this loan by pledging of gold ornaments including gold coins sold by banks with low interest rate.
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