SBI Gold Loan

Gold Loan at 7.15% p.a

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SBI Gold Loan Key Features – Apply Now!

SBI Gold Loan Interest Rate 7.15% per annum
SBI Gold Loan Per Gram Rate Per Gram Today is ₹ 5,293
SBI Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
SBI Gold Loan Processing Fee 1.50% of the Principal Loan Amount
SBI Gold Loan Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
SBI Gold Loan Repayment Tenure 3 Months to 24 Months
SBI Gold Loan Repayment Scheme Bullet Payment Scheme, Overdraft Scheme

About SBI Gold Loan

Gold Loan is a very simple concept and in this type of loan, A customer pledges gold such as jewelry, ornaments etc. as security for taking the loan. This type of loan is useful if you are in need of money for immediate expenses. And also expect to be able to pay it back in the short term. It is cheaper and faster as compared to a personal loan. The banker uses the gold as security against latent mortgage default by the customer. The loan that is against gold is a specific percentage of the value of the gold. The gold has been pledged and the loan is sanctioned after analysis of basic documents. The amount is then given to the customer in the form of cash, account transfer, or demand draft. These are short-term loans while the repayment period can vary from one month to a few years.

About State Bank of India

State Bank of India (SBI) is an Indian multinational, public sector banking as well as financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. The company is ranked 232nd on the Fortune Global 500 list of the world’s biggest corporations as of 2016. The bank was founded on 1 July 1955.

State Bank Gold Loan Advantage

State Bank Gold Loan Feature

  1. Know your Gold Loan eligibility in 1 minute, available online, and across all branches.
  2. Highly competitive interest rates for Gold Loans.
  3. Special offers, interest rates, and nominal charges for account holders.
  4. Special Gold Loan offers* for women.
  5. ROI for tenure less than 1 year is also available at 1%.
  6. Generally, the gold loan is available at the interest rate of 7.15% to 14.5%.
  7. In rural areas Agricultural loan against gold is also available for agriculturists at a very nominal rate of Interest of 7%-8%, proof of agricultural document needs to be provided.
  8. Many go for the fulfillment of their short-term goal through gold loans, such as their child’s education, marriage or other family problems. Many think that instead of keeping it idle at home or in a locker, the gold loan is the best option.

State Bank Gold Loan BenefitsSBI Gold Loan

  1. Simple documentation
  2. Competitive pricing
  3. Gold Loan disbursal in just 30 minutes*
  4. Transparent procedure
  5. Gold Loans available for various needs.

Documentation For Gold Loan

Simple and easy documentation for Gold Loans (though documentation varies from individual to individual). This loan is not valid for Gold Biscuits and Mangalsutra.

  1. Proof of identity: Copy of passport/voter ID card/driving license
  2. Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
  3. Passport size photographs.

Eligibility Criteria For Gold Loan

  1. Age: 21 to 65 years.
  2. Profession: Anybody with a Steady source of income including Bank’s Employees, Pensioners.
  3. The borrower will be given an option to pay only interest. This is applicable during the entire term. And at the end of the tenure, you can pay the complete borrowed amount in a single shot.
  4. Customer must have a minimum gold of 20 grams.
  5. Should have documents that are required and gold (not less than 22 karats).

Know about the terms and conditions:

    1. Foreclosure Charges- charges that are to be paid when the loan is closed before the tenure is completed.
    2. Foreclosure charges can be up to 1%. The minimum loan tenure is 6 Months. So, foreclosure charges after 6 months are 0.
    3. Charges for late payment of Loan Amount.
    4. 2% p.a. as penal interest over and above the applicable rate of interest.

Gold Loan Interest Rate of Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

7.15% – 14.50%

ICICI Gold Loan

7.15% – 16.10%
Muthoot Finance Gold Loan

7.15% – 24.00%

Axis Bank Gold Loan

7.15% – 17.00%
Manappuram Gold Loan

7.15% – 26.00%

Yes Bank Gold Loan

7.15% – 15.99%
Bank of India Gold Loan

7.15% – 26.00%

Federal Bank Gold Loan 

7.15% – 13.50%
IIFL Gold Loan

7.15% – 12.00%

Central Bank of India Gold Loan

7.15% – 14.65%

Canara Bank Gold Loan

7.15% – 12.65%

Allahabad Bank Gold Loan

7.15% – 10.45%

Induslnd Bank Gold Loan

7.15% – 15.75%
PNB Gold Loan

7.15% – 11.75%

Bajaj Finance Gold Loan

7.15% – 26%
SBI Gold Loan

7.15% – 15.99%

Indian Bank Gold Loan

7.15% – 15.99%
UCO Bank Gold Loan

7.15% – 26.00%

Kotak Mahindra Bank Gold Loan

7.15% – 13.50%
Syndicate Bank Gold Loan

7.15% – 12.00%

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