The SBI gold loan is available to its customers in two schemes. These schemes are:
- SBI Gold loan scheme – This scheme is the normal SBI gold loan that is offered by the bank to its customers. This scheme offers a loan of up to 80 % of the value of the gold that is kept with the bank as security. This SBI gold loan can be availed by anyone with a steady income source, including pensioners or employees of the bank. The maximum amount which can be availed is Rs. 20 lakhs under this loan.
- Agricultural gold loans – The bank extends hassle free finance through this SBI gold loan to farmers and agriculturists against gold wares or ornaments that are submitted as security. This loan can be used by the farmers to increase their liquidity in order to meet investment expenses, or crop production expenses, and other allied agricultural activities.