SBI is the largest public sector bank in India. State Bank of India is known as SBI. SBI offers a wide range of affordable services for all income groups as well as business people. SBI is headquartered in Mumbai, and this bank has more than 24,000 branches.
SBI provides Loan Against Gold to its customers which can fulfill their needs. Gold loan from SBI is given at attractive interest rates. The loan amount sanctioned depends on the current market value of the gold pledged and cannot exceed the limit of Rs 50 lakh. The maximum loan tenure for SBI Gold Loan is up to 36 months.
Features and Benefits of SBI Gold Loan
Some of the main advantages and features of SBI Gold Loan are mentioned below:-
- Any SBI customer taking a salary can avail the loan.
- The eligible age limit is 18 to 60 years, which covers a large number of customers.
- Customers can rest assured about the safety of their gold, as the gold is kept safe in bank vaults.
- It is a multi-purpose loan that can be spent in any manner.
- Loan amount up to Rs 50 lakh and minimum Rs 10,000 can be availed in rural areas and minimum Rs 20,000 in metros and urban areas.
- The disbursement process of Gold Loan is very fast.
- Minimum documentation is required for the loan approval process.
- Loans are accepted by pledging all types of gold ornaments.
- Competitive interest rates are offered to fit all types of customer budgets.
- Long loan tenure, maximum 12 months and 36 months for overdraft.
- The facility to choose the loan tenure suitable for the customer is also available.
SBI Gold Loan Amount (SBI Gold Loan Amount)
A margin of 25% of the total current market value of the gold articles pledged by the customer to SBI is maintained. The customer is paid only 75% of the total current market value of the pledged gold articles.
SBI Gold Loan Interest Rates
SBI charges an interest of 1.25% over the Marginal Cost of Funds Based Lending Rate or MCLR. The current MCLR is 9.15% per annum.
Here is a summary of all the information about SBI Gold Loan :-
|Rate of interest||1.25% above MCLR per annum (MCLR: 9.15% p.a.)|
|Minimum loan amount||Rs 20,000|
|Maximum loan amount||50 lakh rupees|
|gold loan margin||25%|
|Maximum Repayment Period||up to 36 months|
Eligibility Criteria for SBI Gold Loans
The customer is required to fulfill the following eligibility criteria by SBI for a gold loan:-
- Minimum age should be 21 years.
- Must have a set minimum income per year.
- Must have a stable source of income.
- Documents Required for SBI Gold Loan
The following documents are required for loan processing:-
- Two passport size photographs.
- A copy of the proof of identity.
- A copy of the address proof.
- Well filled application form.
- SBI Gold Loan Fees and Extra Charges
Here is a list of fees associated with SBI Gold Loan:-
|processing fee||0.5% of loan amount + GST|
|prepayment or part payment fee||Zero|
|renewal processing fee||Zero|
|Late payment of loan amount||does not apply|
|stamp duty||It is enforced by state laws individually.|
SBI Gold Loan EMI Calculator
SBI also has an EMI calculator for its gold loan. Applicants can use it to check the amount they need to pay as loan EMI. The EMI calculator depends on the following factors.
- gold loan amount
- Gold Loan Repayment Tenure
- gold loan interest rate
- loan to value ratio
- current gold price
- Purity and weight of pledged gold
- customer relationship with the bank
Let us consider EMI calculator as an example:-
You have to start a business, for which you need about 2.5 lakh rupees. He decides to take SBI Gold Loan using his jewellery. Let’s say the total cost of the jewelry is Rs 3.5 lakh. You have chosen a loan repayment tenure of 12 months with an interest rate of 12.5%. Using the EMI calculator, the EMI amount will be determined by SBI at Rs 15,270 per month.
How to apply for SBI Gold Loan?
The SBI Gold Loan application process is very simple. You can visit any SBI branch with the required documents and your gold. The bank evaluates the value of the gold articles and verifies the records deposited. The sanctioned loan amount is received by the customer. The whole process takes less than a working day.
SBI Gold Loan can be availed by pledging gold jewelery including gold coins sold by banks with minimal paperwork and low interest rate.
For more details you can call on the number 1800-11-2211.
You can give a missed call to the number 7208933143, you will get a call or you can SMS “GOLD” to 7208933145.
Features of SBI Gold Loan
- Maximum loan amount: Rs 50 lakh
- Minimum loan amount: Rs 20,000
how much margin is charged
- Gold Loan : 25%
- Liquid Gold Loan : 25%
- Bullet Repayment Gold Loan : 35%
- Security: Gold jewelery duly verified for quality and quantity is pledged.
0.25% of the loan amount or minimum Rs.250 + GST applicable
Interest Rate : For any loan amount: MCLR – 0.30% above 1 year
Others: The gold appraiser fee will be paid by the applicant.
SBI Gold Loan Apply Online in English
You can click on the link to apply online for SBI Gold Loan .
Frequently Asked Questions (FAQs) on SBI Gold Loan
What is the age limit to be eligible for SBI Gold Loan?
The age limit for SBI Gold Loan is between 18 to 65 years.
What is the maximum gold loan amount I can get from SBI?
Applicants can avail a loan amount of 75% of the market value of the gold pledged or Rs 50 lakh, whichever is lower.
What is the minimum gold loan amount that I can get from SBI?
The minimum gold loan amount from SBI is Rs 20,000.
What is the maximum loan tenure for SBI Gold Loan?
The maximum tenure of SBI Gold Loan is 3 years.
What type of gold articles does SBI accept as security?
SBI accepts gold coins and gold ornaments of 18K-24K purity weighing more than 50 grams.
What is the SBI Gold Loan Rate?
SBI Gold Loan offers loan amount up to maximum Rs 50 lakh at 7.30% interest rate per annum. There is a 0.50% processing fee on the loan amount and the repayment tenure is up to 3 years.
What is the interest rate of 1 lakh in SBI Gold Loan?
SBI Gold Loan interest rate is 7.50%. The minimum EMI will come to Rs 3,111 per Rs 1 lakh for 3 years.
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