Want loan against gold? Check out SBI YONO!

As for documents, all you need is your gold loan application with two copies of your photographs and proof of identity along with a proof of address.

Facing a cash crunch? Need instant funds? Looking to get a loan but want to avoid the hassles of complicated documentation, high interest rates, and taking a personal loan? Well, YONO SBI can help! Pledge your gold ornaments and coins to get money at lightning-fast speed and low, concessional interest rates, all from the comfort of your home. 

Availing of loans against gold is on a roll, with SBI registering a Y-O-Y growth of about 465 percent in its bullion loan category in the last fiscal since SBI is offering some of the lowest gold loan interest rates in the market. And given that gold, considered to be a haven, is essentially an asset that defies and counteracts against the traditional market cycle, it can be a great asset to get a loan against, especially for those whose finances have been adversely affected by the ongoing economic cycles. 

What’s more, you get the added advantage of a lower interest rate at 8.25 percent. Additional concessional rate of 0.75 percent can also be taken till September 30, 2021. Less branch waits and processing time means you get the best value of your time and gold, which can start from Rs 20,000, going up to Rs 50 lakhs. 

Eligibility and Documentation This loan is available for the young and the old! From pensioners who are not required to furnish any proof of income to individuals over 18 years of age with a steady, regular source of income, anyone can apply for the loan! You can apply for the loan at SBI branches or simply via the YONO app! 

As for documents, all you need is your gold loan application with two copies of your photographs and proof of identity along with a proof of address. Notably, the bank has also waived off any foreclosure charges and pre-payment penalties for its  customers.

Key things to remember

If you opt for bullet repayment of gold loan i.e. where you will have no repayment obligation during the tenure of the loan, as opposed to the conventional loan repayment practices, here is a snap of the difference in margins and  loan durations  you will have to incur:

Follow these four simple steps to get your loans ASAP! 

Apply for loan

• Login to your YONO account and click on the menu on the top extreme left
• Click on loans, gold loans, and then Apply now 
• Fill in the ornament details ( Type, Quantity, Carat, and Net weight) and all other details like Residential Type and Occupation Type. Lastly, fill the Net Monthly Income and submit your application

2. Visit your nearest branch with gold to be pledged, 2 photos, and KYC documents
3. Sign the requisite documents
4. Get your loan