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  • SBI Gold Loan is Rated as "Excellent!" by 480 Users
    Personal Loan BYTES FROM OUR KITCHEN

    SBI Gold Loan

    Overview about SBI Personal Gold Loan

    Gold is an indispensable component in the Indian way of life, with residents owning over 20,000 tonnes of this metal. Apart from playing an intrinsic role in festivities and celebrations, gold is one investment which offers financial liquidity, with it easy to avail a loan by pledging gold. SBI offers its patrons a unique product, SBI Personal Gold Loan, through which they can avail a loan against their gold ornaments/coins. This loan can be used to meet any personal financial requirement, with easy repayment options available.

    Features of SBI Personal Gold Loan

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

    • High loan amount – One can avail loans to the tune of Rs 20 lakhs under this scheme, subject to the gold quantity pledged.
    • Flexible repayment – The loan can be repaid through EMIs, with the maximum period ranging between 30 and 36 months. This provides adequate time for people to sort their finances, with no additional financial burden of repayment.
    • Security – Gold items provided as security are returned on repayment of loan, ensuring one does not lose out on them.
    • Fast approval – This loan is easy to avail, with quick approval and minimal documentation.
    • Low processing fee – SBI charges a low fee to process the loan, making it light on the pocket of a borrower.
    • Prepayment – Borrowers can choose to prepay their loan, with no prepayment charges levied by SBI.

    SBI Personal Gold Loan Interest Rates

    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 13.05% per annum and 17.65% per annum, 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 May 2016 and are liable to change.

    Eligibility Criteria to avail SBI Personal 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 21 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.
    • SBI customer – An applicant should be an existing customer of SBI, having maintained banking transactions with them in the past.
    • Security – This loan can be availed only by offering gold as collateral.
    • Gold owner – The gold pledged as security should belong to the borrower.

    Documents required for SBI Personal 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

    Fees and charges associated with SBI Personal 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.

    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
    • For loans upto Rs 25,000 – Rs 250
    • For loans greater than Rs 25,000 – 0.50% of amount, subject to a maximum of Rs 500

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

    SBI Personal Gold Loan FAQs

    1. What is the margin on a SBI Personal 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.

    SBI Gold Loan Reviews

    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The state bank of India has approved the required loan amount . The customer support service is good with the SBI and they gave me better response in regards to my personal loan application. The rate of interest and the charges are average with the SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan is on going with State Bank of India. I have started this loan 3 years ago and only 24 months left. They processed the loan within couple of days. The customer service and response was very good. They offered a interest rate of 13.5% which was nominal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • SBI Personal Loan
      "Needs Improvement"
      0.5 2.0/5 "Expected more"
      When I was about to avail personal loan from the STATE BANK OF INDIA, they have given me the product explanation and they asked me to fill the application but I haven't filled it, because of their bank norms and they have lot of bank norms and rules which leads the customers disappointing.
      Was this review helpful? 0
      , rayagada
      Reviewed on Feb 12, 2018
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has also offered me a personal loan. They were supportive and I was able to get my loan with ease. The interest rate and processing charges was also normal. I had no hassles with the after loan services too. The response was timely.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 09, 2018
    • SBI Personal Loan
      "Easy Loan process"
      0.5 5.0/5 "Blown Away!"
      SBI loan process was good, since I am working with govt office, my salary gets credited in SBI. They done fast loan service and gave me attractive interest rate as well. I took amount of Rs. 5 lakhs for the loan period of 48 months. They gave me part payment, foreclosure, balance transaction option. But I paid all the due and closed it.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • SBI Personal Loan
      "Interest rate to be reduced"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan with State Bank of India recently. The loan process was faster and immediate. The rate of interest was little high compared to other banks. They charged a processing separately. The total duration is 5 years. I can do the part payment and there is charges for the pre closure.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a personal loan from State bank of india,the service was excellent. The rate of interest offer by State bank of India personal loan department was 13.33 which was fine for me. The process was on time they completed it within 3 days and they offer me with 2.50 lakhs. It was an excellent service from State bank of India personal loan department.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 06, 2018
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The process was quick and fast from the STATE BANK OF INDIA personal loan services. The customer support gave me very good response in regards to my personal loan application. They took around a week time to disburse my personal loan amount.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 01, 2018
    • SBI Personal Loan
      "Interest rate is high"
      0.5 4.0/5 "Great!"
      When in need of a personal loan I checked with my regular Bank SBI. They gave me the Loan within 3-4 days. They have offered me an interest rate of 14%, which I feel is a high interest rate. The repayment options of it is quite easy though. It has been an alright experience with them.
      Was this review helpful? 0
      , burdwan
      Reviewed on Jan 25, 2018
    • SBI Personal Loan
      "Rate of Interest is high"
      0.5 3.0/5 "Satisfactory"
      I recently closed this Personal Loan. The overall experience with it has been pretty good. I got the Loan approval immediately. The rate of Interest of them is a little high though. The repayment option of them is quite easy and their customer services is also pretty good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 25, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with SBI was very good, the loan amount was for Rs 4.50 lakhs with the rate of interest of 11.83% which is nominal when compared to other banks. This was pre approved loan so i got the loan immediately. There was no processing fees charged and i pay an EMI of Rs 11000. The tenure of this loan is 5 years and it was a good service from SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 23, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and the loan experience was very good. The process was smooth and i received my loan amount within given time. The loan amount was for Rs 5.70 lakhs with the rate of interest of 14.5% which is fine. Customer service was good they followed up on time. The tenure of this loan is 5 years and i have already completed 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 22, 2018
    • SBI Personal Loan
      "Good banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State bank of India.The loan amount is three lakhs,rate of interest is nominal as compared to other banks.The tenure is got three years.I pay my EMI amount through net banking banking. Further SBI disbursed the loan amount on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 22, 2018
    • SBI Personal Loan
      "Need improvement "
      0.5 1.0/5 "Really Bad"
      State bank of India need to give proper response to the customers who has applied for any kind of product. It is not possible to reach the State bank customer support service and their toll free number. The banking service need to be improved with the SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my personal loan within 15days of time. They have approved and disbursed the required loan amount. The rate of interest and the charges are very low with the State bank of India personal loan services. The customer support service was good with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2018
    • SBI Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with SBI for about 1 year.The loan amount was 2 lakhs and The Interest rate was 9-10% which was very high . The customer service and responses was up to the mark. The loan process was good and the processing fee was high . My overall experience was good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan from State bank of India around a year ago. I got the loan amount within a 5 days of time. The customer support is prompt with the State bank and they gave me immediate response in regards to my personal loan application. The rate of interest and the charges are nominal with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken person loan with State bank of India.The loan amount is six lakhs.The rate of interest is nominal as compared to others.I have taken it for ten years.They had taken a minimum processing fees from the loan amount.They had processed the loan after submitting documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • SBI Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have my personal loan with SBI. The loan amount was 2 lakhs and the interest rate was 10-11% bit high than other bank in the market.They have provided door step service for collecting documents. My overall experience was good so I would like to recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 02, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State bank of India.The loan amount is six lakhs,rate of interest is very low as compared to other banks.The tenure is for two years.The payment is done through online payments.The loan was processed immediately.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 30, 2017
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