|Interest Rate||7.50% p.a. onwards|
|Loan Amount||Up to Rs.50 lakh|
|Loan Tenure||Up to 3 years|
|Processing Fee||0.5% of the loan amount + GST|
SBI Gold Loan comes with a host of attractive features, some of which are mentioned below.
The interest charged by SBI on its gold loan relies on the base rate in place, with the final interest depending on a number of factors. Interest rates for SBI Personal Gold Loan Scheme range between 7.00% p.a. and 7.50% p.a., with SBI having the sole discretion to change or modify rates. Borrowers are expected to check the current prevailing rates before applying for a loan.
Note: Rates mentioned above are as of July 2020 and are liable to change.
Individuals who wish to avail a loan under this Gold Loan scheme need to satisfy a few basic eligibility criteria.
The following documents have to be provided to the bank at the time of disbursement of the loan amount:
Unlike other banks, SBI charges a nominal fee to process an application, with this amount depending on the quality of gold offered as collateral.
|Gold quality||Processing fee*|
|BIS Hallmarked gold ornaments||0.50 % of loan amount, subject to a minimum of Rs 250 and maximum of Rs 500|
|Ornaments with no Hallmark||
*Note: Applicants will have to pay the applicable GST along with the processing fee.
A 25% margin is applicable on this gold loan.
The minimum loan amount offered under this loan scheme is Rs 20,000.
Loans can be availed either in the form of an overdraft or a demand loan.
Yes, a demand loan has a maximum repayment tenure of 30 months, while it is 36 months for an overdraft.
The repayment process begins immediately, with a borrower expected to pay EMIs a month after the loan has been sanctioned. For example, if the loan was availed in January, loan repayment should begin by February.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.