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.
Some of the salient features of SBI gold loan are given below:
SBI offers three types of gold loan plans, and they are discussed in brief below:
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.
| Parameters | Details |
| 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 |
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:
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:
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:
| Toll-free Number | 1800-11-2211/080-26599990 |
| SMS | Type UNHAPPY send it to 8008202020 |
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
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.
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.
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.
Listed below are the certain factors which are taken into account to calculate SBI gold loan EMI and they are:
