State Bank of India Gold Loan

SBI Gold Loan: is a special loan, offered to those who possess gold, lying idle in safes and lockers, but who have financial requirements. An applicant can get an amount of up to Rs.20L by using their gold assets as security with the bank. Almost all households of India invest in gold as has easy liquidity. It is naturally a multi-purpose loan which can be used for several requirements like funding a marriage, funding educational expenses for your children, building or renovating a house, etc. With easy repayment facilities provided, this loan has met the needs of many. You can apply for gold loan in SBI at loanbaba.com. At our website, you can also access SBI Gold Loan EMI calculator and know SBI gold loan eligibility, gold loan features, documents required for gold loan, and gold loans interest rates in SBI for free.

Our website, Loanbaba.com provides all the information about Gold Loan in SBI:

Why Choose SBI Gold loan?

The State Bank of India has attractive offers on gold loan. It charges a nominal rate of interest. The loan amount can be used for any desirable purpose. Loan tenure is flexible and one can get the maximum stipulated amount as per gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfil their financial needs with loan against gold.

Features of SBI Gold Loan

1] Safety of Gold Valuables:

The gold ornaments are pledged as security and are returned, when the loan amount is repaid. You can use your gold valuables lying idle at home or bank lockers to meet any desired purchase or unforeseen expense. Borrowers can be self-assured of the safety of their pledged gold assets with SBI as the bank has a legacy and reputation which inspires trust. It is perfectly verified for quality and quantity.

2] No Prepayment Charges:

Loans are a burden on the mind at the end of the day and any chance to prepay the borrowed amount needs to be met with encouragement. The loan amount can be prepaid and no pre-payment charges are levied. Any windfall gains in income can be employed towards repaying the borrowed amount in part or full without second thoughts of incurring a hidden charge for the same.

3] Amount Bracket:

A maximum of Rs. 20 lakh can be availed, depending on the gold pledged with the bank. According to your specific requirement, you can deposit your gold valuables as security against which SBI will provide you a stipulated amount of cash. A minimum of Rs. 20,000 is the starting amount when it comes to borrowing with the help of SBI Gold loans.

4] Terms of Repayment:

Facilities are made to repay the amount through easy EMIs, which is subject to the repayment capacity of the borrower and can range between 30 and 36 months. In order to meet the needs of users according to their capacity, repayment terms are tailor-made specifically. The terms of repayment are clearly specified and methods employed are completely transparent.

Why Apply for SBI Gold Loan?

Loanbaba provides comprehensive information about gold loans online by State Bank of India. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for SBI Loan against gold online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website. A trusted bank as a partner is always an advantage while applying for loans and SBI is one of the leading banks providing the gold loan service.

SBI Gold Loan Interest Rates

The interest rate charged is related to various factors. The interest rates range between 13.05% and 17.65% p.a. according to current gold rates. Please note that SBI reserves the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate. The rates mentioned are, as per the norms in May 2016 and may change.

Interest Rates and charges

0.50% of the Loan amount is levied as processing fees along with applicable GST OR minimum Rs.500/ + applicable GST

INTEREST RATE: 1.25% above the MCLR- 1yr according to RBI guidelines

Other charges: An additional gold appraiser charge is applicable.

State Bank Gold Loan Eligibility Calculator

Gold loan eligibility may differ from one candidate to another. You can also use free-of-cost SBI gold loan eligibility calculator to assess the amount you are eligible to borrow from SBI against the weight of gold available with you to be pledged. State Bank of India offers clarity to all potential applicants by way of loan eligibility calculators. Before applying for the loan, all the details will appear on your screen giving you the correct picture as you make your decision.

Types of SBI Gold loans

The State Bank of India has gold loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes. It is not necessary to specify the purpose of loan and borrowers have complete freedom to utilize the funds allocated to them as loan amount as per their convenience. SBI gold loans can be used by individuals beyond the salaried class as business owners may also apply. Gold loans are secured loans and hence, interest rates do not burn a hole in your pocket.

Documents Required:

A] While applying-

1. Proof of Identity

2. Proof of Address.

3. Gold loan Application with 2 passport-size photographs.

Once your loan amount is sanctioned, you can provide the following documents at the time of disbursement.

B] Before disbursement-

1. Demand Promissory Note

2. Gold Ornaments Delivery Letter

3. Arrangement Letter

State Bank of India Gold loan FAQs

Below provided are important questions about gold loan SBI.

• addFAQs
  1. What are the eligibility criteria for State Bank Gold Loan?
  • The borrower should have a minimum age limit of 21 years, to avail the loan.
  • The income generated by the borrower should be steady and be sufficient to repay the loan and the interest.  An individual of any profession can apply
  • The borrower should be only an SBI customer, currently having an account with the bank.
  • The gold that is submitted as collateral should be that of the borrower.
  2. What are the documents required for loan against gold SBI?

  Document to be submitted are: The ID Proof which may be the PAN Card, Drivers license, Voter’s ID, etc; the address proof can be any Utility bill, Drivers License, Passport, etc; two passport size photographs to be attached. The application form to be filled and duly signed.

  3. What are the fees and charges of SBI loan against gold?

  The processing fee charged on application is very nominal. The amount varies with the amount taken as loan and the gold kept as collateral. The quality of the gold varies and impacts the processing fee.

  • If the gold ornament has no MIS Hallmark: the amount charged is 0.50% and involves a minimum amount of Rs. 250 and maximum amount of Rs. 500.
  • If the gold ornament has no Hallmark,

  1. 250 is the amount charged for loans up to Rs.25,0000
  2. 50% of the loan amount for an amount of Rs. 25,000 and a maximum limit of Rs. 500

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of State Bank of India.

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