SBI Gold Loan
State Bank of India is an Indian public sector bank and financial services statutory body. SBI is the 49th largest bank in the world by total assts and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020. It is also the 5th largest employer in India with nearly 250,000 employees. On 14th of September 2022, State Bank of India became the third lender and seventh Indian company to cross the 5 trillion market capitalization on the Indian stock exchanges for the first time.
| Name | State Bank of India[1] |
| Headquarters | Mumbai, Maharashtra |
| Type | Public Sector Undertaking |
| Industry | Banking, Financial Services |
| Established | 1 July 1955 |
| Chairman | Dinesh Kumar Khara |
| Parent | Ministry of Finance (Government of India) |
| Subsidiaries | SBI Life Insurance Ltd, SBI General Insurance, Yes Bank, Andhra Pradesh Grameen Vikas Bank, Kaveri Grameen Bank |
| Website | www.bank.sbi |
SBI Gold Loan
SBI gold loan can be obtained against your gold jewellery or gold coin as a collateral or security. Gold loan amount can be used to meet your financial needs including your education, marriage, medical bills etc. State Bank of India gold loan application process is hassle-free and simple. This post is all about SBI Gold Loan, how to apply for the loan, documents required to apply etc.
Also Read: Axis Bank Gold Loan
Benefits and Features of SBI Gold Loan
- One can avail gold loan from State Bank against their gold jewellery or gold coins
- One can avail gold loans from Rs 20,000 to Rs 50 lakhs from SBI
- Flexible repayment tenure
- Minimal documentation required to avail the loan
- Fastest disbursal of the loan to your account
- Gold jewellery provided as a security to the bank for loan amount are completely safety and are returned to the applicant on after repayment of the loan
SBI Gold Loan Interest Rate and other Charges
| Interest Rate | Starting from 7.30% p.a. onwards |
| Maximum Loan Amount | Up to Rs 50 lakhs |
| Loan Tenure | Up to 3 years |
| Processing Charges | 0.25% of the loan amount + GST subject to minimum of Rs 250 NIL, if applied through YONO |
| SBI Gold Loan Schemes | Effective Interest Rates |
| Gold Loan (all variants) | 7.50% p.a. onwards |
| Realty Gold Loan only for SBI Housing Loan Customers (all variants) | 7.30% p.a. onwards |
State Bank of India Gold Loan schemes and its loan Repayment tenure
| SBI Gold Loan Schemes | Loan Tenure |
| Gold Loan | 36 months |
| Liquid Gold Loan | 36 months |
| Bullet Repayment Gold Loan | 3 to 12 months |
Eligibility Criteria
Anyone whose age lies between 18 and 75 years can apply for the loan. An applicant who has a good source of income having sufficient means to repay the loan amount can avail for the loan. If you are a banker or a pensioner, then you will not be required to submit any proof of income.
Documents Required
To apply for gold loan certain documents are required to submit by the applicants –
- ID proof
- Address proof
- 2 passport size photographs
- Income proof
- Dully filled application form
- Witness letter in case of illiterate borrowers
How to Apply for SBI Gold Loan
You can apply for SBI gold loan through State Bank of India’s official website. Below mentioned are the certain steps you need to follow to avail a gold loan from State Bank of India
- Visit the website
- Click on the gold loan
- Click on the application form
- Enter all the required details like phone number, email id, loan amount etc.
- Click on continue
- Submit the form
- Follow the on-screen instructions to complete the application process
- Your loan will be disbursed into your account
State Bank of India Gold Loan EMI Calculator
To calculate your monthly EMI to be paid every month throughout the loan tenure, you can use SBI Gold Loan EMI Calculator. Knowing your gold loan EMI in advance will help you plan your finances and reduce the chances of default. Follow the following steps to calculate your monthly EMI
- Click on the gold loan EMI calculator
- Enter the loan amount, interest rate and loan tenure
- After complete verification, you will see the EMI amount on the right side of the screen
FAQs
1. Who can avail for a gold loan?
Ans: Anyone whose age lies between 18 and 75 years and have a good source of income to repay the loan amount at the given tenure can apply for the gold loan.
2. Is my jewellery safe at SBI?
Ans: Yes, your jewellery is completely safe and will be returned to you once you have paid back the full amount.
3. How much amount can I avail?
Ans: You can avail from 25,000 to 50 lakhs.
4. Can I prepay my loan amount?
Ans: Yes, you can prepay your loan amount.
5. How long does it take for the disbursement of loan amount?
Ans: The loan amount will get disbursed in your account at the same day of your loan application after checking your gold weight and purity.
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