Exclusively designed to cater the financial needs of customer is real quick time , this gold loan scheme from State bank of Patiala brings numerous benefits to the availing customers.
Maximum Eligible amount up to INR 10 lacs depending on the value of gold pledged.
- The tenure can be stretched up to 12 months.
- Interest rate is offered on floating rate. The same is charged @ 9.95% (0.75% above MCLR)
- Extremely supple repayment facility as customers have to only pay the principal and interest accrued on the end of term of loan
- Nil Application fees and Zero for closure charges.
- Processing fee during the term of loan depends on the amount availed.
- Rs.511 for loan amount Upto Rs.25000/-
- Above Rs.25000/- upto Rs.1 lacs- 1.01% of the Loan amount or Rs.1022/- whichever is higher.
- Above Rs.1 lac- 0.51% of the loan amount or Rs.563/-Per application whichever is higher
- Penal Interest @2% over and above the applicable rate will be charged on the entire outstanding amount, if the account is not closed within 12 Month from the date of Sanction .
- The only collateral required is the gold ornaments. SBP uses state of the art security facilities to ensure safety of the pledged gold.
- The Annual outstanding balance statement is issued either at the closure of loan or the end of financial year whichever is earlier.
- Any change in rate of Interest is duly communication to customer through an entry in their loan statement; as well same is published on the bank’s website www.sbp.co.in.