A gold loan can prove to be a good option to take care of a temporary cash crunch or tide over a financial emergency. Gold loans can be availed quickly with minimum paperwork.
India's largest lender State Bank of India also offers gold loans. You can avail SBI Gold Loan by pledging gold ornaments and coins with minimum paperwork and at low interest rates.
As per a tweet by SBI, you can avail SBI gold loan at an interest rate as low as 7.50 percent and zero processing charges, among other benefits.
SBI Gold Loan - All you need to know
Eligibility criteria: A borrower should be at least 18 years old in order to qualify for this scheme.
Any individual (singly or jointly) with a Steady source of income including Bank’s Employees, Pensioners. (No Proof of income required).
Maximum Loan Amount: Rs 50 lakh
Minimum Loan Amount: Rs 20,000
Processing fee: SBI charges a low fee to process the loan, making it light on the pocket of a borrower. 0.25 percent of the Loan amount + applicable GST minimum Rs 250/- + applicable GST and Nil if applied through YONO.
Gold items provided as security are returned on repayment of loan, ensuring one does not lose out on them.
Gold Loan: 25 percent
Liquid Gold Loan: 25 percent
Bullet Repayment Gold Loan: 35 percent
Gold Loan: The repayment of principal and interest will be commenced from the month following the month of disbursement.
Liquid Gold Loan: Overdraft Account with transaction facility and monthly interest is to be served.
Bullet Repayment Gold Loan: On or before the term of the loan/ on the closure of the account.
Gold Loan: 36 months
Liquid Gold Loan: 36 months
Bullet Repayment Gold Loan: 12 months
To Apply for Loan
-Application for Gold Loan with two copies of photographs.
-Proof of Identity with proof of Address.
-Witness Letter in case of illiterate borrowers.
Time of Disbursement
-DP note and DP Note Take Delivery Letter.
-Gold Ornaments Take Delivery Letter.
SBI Gold Loan interest rate
Gold Loan (all variants): 7.50 percent
Realty Gold Loan- A Gold Loan Product exclusively for SBI Housing Loan Customers (all variants): 7.3 percentMissed Call, SMS facility for SBI Gold Loan
You can give a missed to know more about SBI Gold Loan, call on 7208933143 or SMS GOLD at 7208933145.