State Bank of India Gold Loan is a secured loan where you pledge gold jewellery or asset to borrow a loan. SBI also accepts bank-purchased gold coins as security for funds. You can use the loan amount for any financial or emergency purpose. The financial institution has different gold loan schemes, out of which, personal gold loan and multipurpose gold loan scheme are the most popular.
In this post, we will discuss about SBI gold loan features, eligibility criteria, interest rate, fees, charges, types of loan against gold schemes, loan amount eligibility, documents required for application, repayment options, EMI, loan application procedures, and FAQs.
Below given are the features of SBI gold loan:
Different gold loan schemes may have different eligibility criteria. Hence, always check the eligibility norms for SBI loan against gold before you drop the loan application. This will help you to follow procedures to get the loan approved quickly. Below given are the eligibility criteria for State Bank gold loan:
The applicable State Bank of India gold loan interest rate influences the total cost of the loan. SBI offers the lowest gold loan interest rate starting from 7.50% only. Hence, most borrowers wish to apply for loan at this bank. At a lower rate of borrowing, you can save huge on the interest pay-out and total loan cost.
NOTE: The bank charges 0.50% above the MCLR-1yr.
Apart from the rate of interest there are other SBI fees and charges you need to pay:
State Bank of India gold loan schemes are of 5 types. These are Personal Gold Loan, Liquid Gold Loan, Bullet Repayment Gold Loan, Multipurpose Gold Loan, and Agricultural Gold Loan.
This is the most commonly chosen loan against gold scheme against your gold jewellery.
Under this scheme, you will receive a fixed loan amount in your overdraft account. The loan amount will depend in the value of gold you pledge.
This loan against gold scheme is perfect for those who want flexibility with repayment.
You can use the funds to fulfil any of your financial need. Many take this loan to meet emergency requirements. There are no hidden charges. The interest rate s competitive, also the repayment schedule is convenient.
State Bank of India offers gold loans for agricultural and cultivation purposes. To avail this loan, you need to produce poof of agricultural land/cultivation in form of documents. The bank will keep a check on the usage of funds, which is only for farming activities.
One of the questions regarding State Bank gold loan is, how much loan amount will you receive. The loan amount sanctioned depends on several factors.
You need to submit a few documents when you apply for the loan against gold. Below given is a list of documents that you must provide:
Below given are the repayment options for the loan:
SBI offers the easy EMI payment facility for all its loans, including loans against gold. The EMI amount is a fixed amount.
Now that you understand the SBI Gold loan details, you must know the process to apply for the loan. The bank offers online as well as offline process to apply for a loan against gold. Previously, people used to only choose the offline method due to concern about the gold and its safely. But, with online application option available along with security facility, things have changed.
In the current digital age, you do not have to visit the bank-branch to apply for any loan. To apply for a loan against gold, you need to only visit the SBI official website.
If you want to go the traditional way and not apply online for the loan, then you can choose to do so.
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Below given are State Bank of India Gold Loan FAQs:
You can pay the EMIs online through the SBI online payment facility. During the loan disbursal, you will receive an account with login ID and password. Using these details, you can login to the account and repay the monthly instalment in any of the mentioned mode. The bank may also accept EMIs through cash payment, Demand Draft, or cheque.
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