SBI Gold Loan

Gold Loan is a type of secured loan where you receive the loan amount in exchange for gold jewelry or even gold coins offered by banks. As the largest lender in our country, SBI offers an excellent gold loan service. This loan from SBI can help you address any financial emergencies quickly. Therefore, if you need immediate funds, an SBI gold loan could be the most suitable choice for you.

Table of Contents:

• ⇾ Highlights of SBI Gold Loan
• ⇾ SBI Gold Loan Interest Rates & Charges
• ⇾ Features and Benefits of SBI Gold Loan
• ⇾ SBI Gold Loan Interest Rates Vs Other Banks
• ⇾ Eligibility Criteria for SBI Gold Loan
• ⇾ Documents Required for SBI Gold Loan
• ⇾ Steps to Apply for SBI Gold Loan
• ⇾ SBI Realty Gold Loan
• ⇾ SBI Gold Loan Interest Rate Calculator
• ⇾ SBI Gold Loan Interest Repayment
• ⇾ FAQs

Highlights of SBI Gold Loan

Here is an overview of the SBI Gold Loan:

SBI Gold Loan Interest Rates & Charges

SBI Gold Loan interest rates begin at 9.05% per year. State Bank of India provides gold loan interest rates depending on the different types of SBI Gold Loan schemes listed below:

SBI Gold Loan Processing Fees

Features & Benefits of SBI Gold Loan

With flexible loan amounts, tenure options, and repayment methods, the SBI Personal Gold Loan offers a reliable solution for managing personal finances effectively.

• Loan Purpose: Offered against gold ornaments and special gold coins sold by banks.
• Loan Amount: Ranges from ₹20,000 to ₹50 lakh, based on gold purity and weight.
• Tenure Options: Up to 3 years with EMI-based schemes; shorter periods available for bullet repayment.
• Repayment Options: Includes 'Demand Loan' with monthly EMIs or 'Bullet Repayment Facility' for repayment at loan maturity.

SBI Gold Loan Interest Rates Vs Other Banks

The table below shows the gold loan interest rates of IIFL Finance in comparison to other banks.

SBI Gold Loan Eligibility

• Age requirement: 18 years and older.
• Occupation: Any person (alone or with others) with a stable income source, such as bank employees and pensioners. (Income verification not needed).

Documents Required for SBI Gold Loan

You need the following documents during loan applications and during loan disbursement.These include:

For Loan Application

• Submission of Gold Loan application along with two sets of photos.
• Identification and address proofs required.
• Letter of Witness for borrowers who are illiterate.

Disbursement Process

• Note of DP and Delivery Letter for DP Note required.
• Letter for receiving Gold Ornaments.
• Letter of Arrangement needed.

Steps to Apply for SBI Gold Loan

To avail of an SBI gold loan, you need to pledge gold coins or jewelry with minimal documentation. Here's how you can apply for an SBI gold loan:

1. Log in to the SBI Yono app by entering your MPIN.
2. Navigate to the ‘Loans’ tab and select ‘Gold Loan’.
3. On the next screen, click on the ‘Apply Now’ button.
4. Enter the necessary details such as personal information, gold ornament details, desired loan amount, and the branch where you plan to deposit the gold, then submit the form.
5. Visit the selected branch to deposit the gold ornaments and submit the required documents.
6. The bank officials will process your application and documents, after which the loan amount will be sanctioned.

SBI Realty Gold Loan

SBI Realty Gold Loan can be used to purchase a property. This loan provides a convenient and affordable way to own your dream home without the need for a high down payment.

Here are the key features of the SBI Realty Gold Loan:

• Maximum Loan Amount: Up to ₹50 lakhs
• Minimum Loan Amount: ₹50,000

Margin Requirements:

• SBI Realty EMI Gold Loan: 25%
• SBI Realty Bullet Repayment Gold Loan: 35%
• Security: Pledge of gold ornaments, which will be duly verified for quality and quantity.

Processing Fees for EMI-based Gold Loan: 0.50% of the loan amount, subject to a minimum of ₹500 + applicable GST.

SBI Gold Loan Interest Rate Calculator

The interest on your gold loan is determined by factors such as the principal amount, interest rate, and loan tenure. To calculate the interest and EMI, you can use the EMI calculator provided by SBI Bank.

Once you open the calculator, simply input the principal amount, annual interest rate, and loan tenure. The calculator will then display the total interest and EMI you need to pay.

SBI Gold Loan Interest Repayment

Here are the steps to pay your SBI gold loan interest online:

1. Log in to your SBI internet banking account. If you don't have an account, first register for SBI net banking.
2. Navigate to the e-payment section.
3. Add your SBI gold loan account details as a biller.
4. Enter the EMI amount and proceed with the payment.
5. Verify the transaction by entering the OTP sent to your registered mobile number.
6. Upon successful payment, you will receive a confirmation SMS from SBI.

Besides SBI Gold Loan, you can also check other loan schemes offered by SBI using the links provided below:

Check out more on other gold investment & deposit schemes from the links below:

Check out more on sovereign gold bonds from below:

Check out more on gold loans from the top banks below:

Check out more on gold loan rates from other gold loan lenders:

Besides gold, you can also consider investing in commodities. Check more below: