To take care of a temporary cash crunch, an individual has various options. These include taking a gold loan, a personal loan. Gold loans can help one tide over a financial emergency. You can get a loan quickly with minimum paperwork. SBI Gold Loan can be availed by a pledge of gold ornaments including gold coins sold by Banks with minimum paperwork and low-interest rate. “Apply for a #GoldLoan with SBI and enjoy exciting deals like 7.50% Interest Rate, Nil Processing Fee, and many more,” SBI said in a tweet.
Here is all you need to know about SBI Gold Loan:
Age: A borrower should be at least 18 years old in order to qualify for this scheme.
Profession: Any individual (singly or jointly) with a Steady source of income including Bank’s Employees, Pensioners. (No Proof of income required)
Features of SBI Gold Loan
Maximum Loan Amount: ₹50 lakh
Minimum Loan Amount: ₹20,000
Low processing fee – SBI charges a low fee to process the loan, making it light on the pocket of a borrower. 0.25% of the Loan amount + applicable GST minimum Rs250/- + applicable GST and Nil if applied through YONO.
Gold items provided as security are returned on repayment of loan, ensuring one does not lose out on them.
Gold Loan: 25%
Liquid Gold Loan: 25%
Bullet Repayment Gold Loan: 35%
Gold Loan: The repayment of Principal and Interest will be commenced from the month following the month of disbursement.
Liquid Gold Loan: Overdraft Account with transaction facility and monthly interest is to be served.
Bullet Repayment Gold Loan: On or before the term of the loan/ on the closure of the account.
Gold Loan: 36 months
Liquid Gold Loan: 36 months
Bullet Repayment Gold Loan: 12 months
To Apply for Loan
- Application for Gold Loan with two copies of photographs.
- Proof of Identity with proof of Address.
- Witness Letter in case of illiterate borrowers.
Time of Disbursement
- DP note and DP Note Take Delivery Letter.
- Gold Ornaments Take Delivery Letter.
- Arrangement Letter.
SBI Gold Loan interest rate
Gold Loan(all variants): 7.50%
Realty Gold Loan- A Gold Loan Product exclusively for SBI Housing Loan Customers (all variants): 7.3%
Missed Call, SMS facility for SBI Gold Loan
To know more about SBI Gold Loan, you can give a missed call on 7208933143 or SMS GOLD at 7208933145.