SBI Gold Loan

• Purpose of loan – Gold loan amount can be used to meet a variety of financial needs including education, marriage, medical bills and so on. However, the money should not be used for speculative activities
• Quantum of the loan – Loan amount can be between Rs. 20,000 and Rs. 50 lakh
• Repayment tenure – The repayment tenure for the different schemes are:

• SBI gold loan per gram – SBI gold loan per gram rate will be communicated at the time of application
• Gold items – The gold loan will be given against gold ornaments. They will be checked for weight and purity by bank nominated appraiser
• Margin – The margin across various schemes are:

SBI Gold Loan interest rate across various schemes is given below:

SBI Agriculture Gold Loan Interest Rate – The bank does not provide a separate SBI agriculture gold loan and thus there is no separate interest rate. However, you can avail the gold loan to meet your agricultural based expenses.

Click here to compare SBI Gold Loan interest rate with other banks.

You can use our Gold Loan EMI Calculator to know the amount you will have to pay every month throughout the loan tenure. Knowing your gold loan EMI in advance will help you plan your finances beforehand and reduce the chances of default.

To use the gold loan calculator, follow the steps given below:

• Click here to go to Gold Loan EMI Calculator
• Enter the loan amount, interest rate and loan tenure
• Once you enter the given details, you will see the EMI amount on the right-hand side of the screen

EMI calculator also helps in determining which gold loan offer will be the best for you. It can be used multiple times without a cost.

Eligibility

Anyone who is above 18 years of age and has a steady source of income may apply for SBI Bank gold loan. Applicants with maximum age up to 70 years are also eligible.

Documents Required

At the time of application the following documents are required:

• Duly filled application form
• 2 passport-sized photographs
• Applicant’s KYC documents to establish Identity and Address
• Income Proof
• Witness Letter in case of illiterate borrowers

At the time of disbursement the following documents are required:

• Demand Promissory Note & Demand Promissory Note Take Delivery Letter
• Gold Ornaments Take Delivery Letter
• Arrangement Letter

You can apply for SBI Bank gold loan through our website. Simply follow the below-given steps and we will ensure that you get your gold loan quickly without hassles.

• Click here to go to the application form
• Enter the required details like Required Loan Amount, Name, Mobile number, PIN Code, etc.
• Click on Continue
• Follow the on-screen instructions to complete the application process

Consider Reading: 6 Common Mistakes to Avoid When Applying for a Gold Loan

Refer to the table below to compare SBI Bank interest rate and loan amount with other lenders.

How much time does it take to process a gold loan application?
You can expect quick processing of your gold loan after they are checked for weight and purity.

What charges will I incur when taking a gold loan from SBI?
You will have to pay a processing fee and gold appraiser’s fee. Other charges, if any, will be shared at the time of application.

Will I get any acknowledgement letter at the time of disbursement?
Yes, you will get a delivery letter indicating the number of gold ornaments, their weight, purity and other relevant details. Store these documents securely as they will be required at the time of account closure.

Can I get some of the jewellery back if I make a partial payment?
Your gold jewellery will be returned to you once you have paid back the full amount.

Do I require a co-applicant in order to get the SBI Gold Loan?
No, a co-applicant is not required in order to secure an SBI Gold Loan.