• SBI Gold Loan

    SBI Gold Loan is offered with loan amount up to Rs.50 lakh and interest rate at 7.30% p.a. The repayment tenure is up to 3 years with processing fee charged at 0.25% of the loan amount.
    Interest Rate  7.30% p.a. onwards 
    Loan Amount  Up to Rs.50 lakh 
    Loan Tenure  Up to 3 years 
    Processing Fee  0.25% of the loan amount + GST 

    Features of SBI Gold Loan

    SBI Gold Loan comes with a host of attractive features, some of which are mentioned below.

    • Flexible loan amount – One can avail loans between Rs.20,000 and Rs.50 lakh.
    • Flexible repayment tenure – The loan can be repaid through EMIs, with the maximum period ranging between 12 months and 36 months.
    • Flexible loan repayment modes – A customer can use gold loan, liquid gold loan, or bullet repayment gold loan methods to make payments for their SBI Personal Gold Loans. 
    • Security – Gold items provided as security are returned on repayment of loan.
    • Fast approval – This loan is easy to avail, with quick approval and minimal documentation. 
    • Low processing fee – SBI charges a processing fee of 0.25% of the loan amount.
    • Prepayment – Borrowers can choose to prepay their loan, with no prepayment charges levied by SBI. 

    SBI Gold Loan Interest Rates 

    Interest rates for SBI Personal Gold Loan Scheme range between 7.30% 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.

    Eligibility Criteria to avail SBI Gold Loan

    Individuals who wish to avail a loan under this Gold Loan scheme need to satisfy a few basic eligibility criteria.

    • Age – A borrower should be at least 18 years old in order to qualify for this scheme.
    • Income – An applicant should have a steady source of income. He/she could be employed in any profession, having sufficient means to repay the loan.

    Documents required for SBI Gold Loan

    • ID Proof – A valid, government approved ID Proof (PAN card, DL, Voter’s ID, etc.)
    • Address proof – A valid, government approved address proof (Utility bill, Passport, DL, etc.)
    • Photographs – Two passport size photographs of applicant
    • Form – Duly filled and signed application form

    The following documents have to be provided to the bank at the time of disbursement of the loan amount:

    • Arrangement Letter
    • Gold Ornaments Take Delivery Letter
    • DP Note
    • DP Note Take Delivery Letter

    Fees and charges associated with SBI Gold Loan

    Unlike other banks, SBI charges a nominal fee to process an application, with this amount depending on the quality of gold offered as collateral.

    SBI charges a processing fee of 0.25% of loan amount, subject to a minimum of Rs 250 and no processing fee if applied through YONO.

    *Note: Applicants will have to pay the applicable GST along with the processing fee.

    How SBI compares with other lenders?

    Fees and charges  SBI Gold Loan  HDFC Bank Gold Loan  Axis Bank Gold Loan  ICICI Gold Loan 
    Interest rate  7.30% p.a. onwards  8.95% p.a. to 17.20% p.a.  12.50% p.a.to 17.50% p.a.  10% p.a. - 19.76% p.a. 
    Processing fee  0.25% + GST  1% + GST  1% + GST  1% of the loan amount 
    Foreclosure charges  N/A  1% of the outstanding loan amount  0% - 2% of the loan amount  0% - 1% of the outstanding principal amount 
    Penal Interest  N/A  N/A  2% of the overdue amount per month  N/A 

    SBI Gold Loan FAQs

    1. What is the margin on a SBI Gold Loan?

      A 25% margin is applicable on this gold loan.

    2. What is the minimum amount I can borrow against my gold?

      The minimum loan amount offered under this loan scheme is Rs 20,000.

    3. How can I avail this loan amount?

      Loans can be availed either in the form of an overdraft or a demand loan.

    4. Are the repayment tenures different for Demand Loans and Overdrafts?

      Yes, a demand loan has a maximum repayment tenure of 30 months, while it is 36 months for an overdraft.

    5. When does the repayment process begin?

      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.

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