SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by Banks.
In India, a gold loan is a type of secured loan where borrowers pledge their gold ornaments or coins as collateral to receive a loan from a lender. The loan amount is usually a percentage of the gold’s value.
SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by Banks.
Features of SBI Personal Gold Loan
- Maximum loan amount that can be sanctioned is Rs 50 lakhs
- Minimum loan amount: Rs 20,000
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-Margin
- Gold Loan (EMI based): 25%
- Liquid Gold Loan (Overdraft): 25%
- 3 Months Bullet Repayment Gold Loan* : 30%
- 6 Months Bullet Repayment Gold Loan*: 30%
- 12 Months Bullet Repayment Gold Loan: 35%
*No further appraisal of pledged gold is required at the time of two subsequent renewals, subject to the pledged gold remaining in the custody of the Bank.
-Security: Pledge of gold ornaments duly verified for quality & quantity.
-Processing Fees: Nil (Till 31.03.2023)
-Others: Gold appraiser charges will be paid by the Applicant.
Eligibility
Age: 18 years and above
Profession: Any individual (singly or jointly) with steady source of income including: Bank’s Employees, Pensioners.
Repayment
Repayment Mode
- Gold Loan (EMI based): Repayment of Principal and Interest will commence from month following the month of disbursement.
- Liquid Gold Loan (Overdraft): Overdraft Account with transaction facility.
- Monthly interest is to be served. The drawing power of the account will be calculated based on the current market value of the gold declared by the bank from time to time.
- 3 Months Bullet Repayment Gold Loan: Interest and Principal on or before end of term.
- 6 Months Bullet Repayment Gold Loan: Interest and Principal on or before end of term.
- 12 Months Bullet Repayment Gold Loan: Interest and Principal on or before end of term.
Repayment Period
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Maximum:
- Gold Loan (EMI based): 36 months
- Liquid Gold Loan ( Overdraft): 36 months
- 3 Months Bullet Repayment Gold Loan: 3 months
- 6 Months Bullet Repayment Gold Loan : 6 months ,
- 12 Months Bullet Repayment Gold Loan: 12 months
Documents Required: To Apply Loan:
- Application for Gold Loan with photographs.
- Proof of identity with proof of Address
- Witness letter in case of illiterate borrowers.
Documents Required: At The Time Of Disbursement
- Demand Promissory (DP) note and DP Note Take Delivery Letter.
- Gold Ornaments Take Delivery Letter.
- Arrangement Letter
Arrangement Letter is provided in hard copy at the time of sanction of loan.
How To Apply For SBI Personal Gold Loan Online?
- Go to the official website of SBI
- Click on ‘Loan’ Section
- Click on ‘Gold Loan’ option in the ‘Loan’ Section
- A new page will open, click on ‘SBI Personal Gold Loan’ option
- You will see the ‘Apply Now’ option. Click on it and follow the steps
SBI Personal Gold Loan: Rate Of Interest
