Gold loan is a type of secured loan where one pledges their gold articles to avail loan to meet their short-term credit and SBI Gold loan can be availed by anyone who is 18 years with steady source of income. It comes with low interest rate and minimal documentation. Continue to read to know more about SBI gold loan interest rate and schemes it offers.
Features of SBI Gold Loan
Some of the salient features of SBI gold loan are given below:
- Offers realty gold loan which is exclusively meant for SBI housing loan customers
- Maximum gold loan amount that can be availed is up to 75% of the market value of the gold.
- Purity of the gold you are pledging should be over 18 Karat to avail gold loan
SBI Gold Loan Schemes
SBI offers three types of gold loan plans, and they are discussed in brief below:
- Gold Loan: Anyone (single or jointly) having a steady source of income can avail this plan by pledging their gold.
- Realty Gold loan: Exclusively created for SBI housing loan customers.
- Multi-Purpose gold loan: It is exclusively created for those who are engaged in agriculture activities. To help them repay their loan easily, it comes with a convenient repayment schedule.
SBI Gold loan Interest Rate
SBI Gold loan can be availed by anyone who is 18 years and above with a steady source of income by pledging their gold ornaments and gold coins sold by banks.
|Interest Rate||All variants: 9.15% (1.25% above the MCLR 1 yr)|
Realty Gold loan: 8.40%
Rural gold loan: 9.95%
|Loan amount||Rs 20,000-Rs 20 lakh|
|Processing fees||0.50% of the loan amount +applicable GST|
|Repayment Period||Gold loan & Liquid gold loan: 36 months|
Bullet repayment gold loan:12 months
Multi purpose gold loan(Rural)-12 months with overdraft valid for 3 years
How to Apply for SBI Gold loan?
One can apply for SBI gold loan by visiting one of their branch offices. Listed below are certain documents required to process your loan application:
- Gold loan application form
- Identity proof (Aadhaar card, PAN card, Passport)
- Address Proof (Aadhaar card, rent agreement, electricity bill)
- Two passport photographs
- In case of illiterate borrower, witness letter
How to Repay SBI Gold loan?
The loan amount can be paid at the branch office either through cash or by debit/credit. The loan amount depends up on the repayment mode given below:
- Gold loan: The repayment of principal and interest will start after the loan disbursement date.
- Liquid gold loan: It is an overdraft account with a transaction facility and here the borrower has to pay monthly interest till the end of the tenure.
- Bullet repayment gold loan: In this case, principal amount and interest accrued can be paid either before the term of the loan or at the end of tenure.
How to Close My SBI Gold loan?
One can close their account by paying principal amount, interest accrued and outstanding dues, if any. One can pay their loan amount in any of the SBI branches but delivery of your gold ornaments will be done from the branch office where loan amount was sanctioned.
In case of any query related to gold loan, you can connect with their customer care through the following ways:
|SMS||Type UNHAPPY send it to 8008202020|
How much time does it take to process a gold loan application?
It usually takes an hour to process a gold loan application. However, it is subject to verification of your gold jewellery for quality and quantify
Do I need to pay other charges while taking a gold loan from SBI?
Yes, the bank will charge processing fees which is 0.50% of the loan amount along with gold appraiser charges which evaluates the purity of the ornaments you have pledged.
Will I get any acknowledgement letter at the time of disbarment?
Yes, you will get a delivery letter indicating the number of gold ornaments and their weight, purity along with the arrangement letter. Both of these documents are required at the time of closing your SBI gold loan account.
How much do I need to pay as EMI for SBI Gold Loan?
SBI offers three types of repayment method-Gold loan EMI, Bullet repayment and liquid gold loan. One can know the SBI gold loan EMI (approximately) from Paisabazaar gold calculator by entering key details such as net weight, purity, loan amount, rate of interest and loan term in the given space.
How is my gold loan EMI calculated?
Listed below are the certain factors which are taken into account to calculate SBI gold loan EMI and they are:
- Loan amount: Higher the amount you borrow, higher will be your EMIs
- Interest rate: Interest rate directly affects EMI payment as higher the rate, more you will be paying as EMI
- Tenure: Gold loan comes with different tenures to choose from and if shorter period is chosen at the time of application then EMI will be more and vice versa