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.
State Bank of India provides gold loans starting at 9.05% per annum for loans up to ₹50 lakh. The repayment periods for SBI gold loans can extend up to 3 years.
Highlights of SBI Gold Loan
Here is an overview of the SBI Gold Loan:
| Feature | Details |
|---|---|
| Interest rate | 9.05% to 10.20% p.a. |
| Collateral | Pledge of gold ornaments |
| Loan Amount | Up to ₹50 lakhs |
| Loan Tenure | Up to 3 years |
| Gold Loan Repayment Facility | Demand Loan & Bullet Repayment Facility |
| Processing Fees | Up to 0.50% of the loan amount |
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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 Scheme | Interest Rates (p.a.) |
|---|---|
| Gold Loan EMI Based | 10.20% |
| 3 Months Bullet Repayment Gold Loan | 9.05% |
| 6 Months Bullet Repayment Gold Loan | 9.20% |
| 12 Months Bullet Repayment Gold Loan | 9.45% |
SBI Gold Loan Processing Fees
| Particulars | Charges |
|---|---|
| 3 Months Bullet Repayment Gold Loan | ₹200 |
| 6 Months Bullet Repayment Gold Loan | ₹300 |
| 12 Months Bullet Repayment Gold Loan | 0.50% of the loan amount (Minimum ₹500; Maximum ₹ 10,000) |
| EMI based Gold Loan | 0.50% of the loan amount (Minimum ₹500) |
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.
| Bank/NBFC | Gold Loan Interest Rate % p.a. |
|---|---|
| SBI Gold Loan | 9.05% |
| IIFL Finance Gold Loan | 11.88% – 27% p.a |
| Bajaj Finserv Gold Loan | 9.50% – 28% p.a. |
| Kotak Mahindra Bank Gold Loan | 8.00% to 24.00% |
| HDFC Bank Gold Loan | 8.30% to 16.55% |
| Central Bank of India Gold Loan | 8.45% to 8.55% |
| Uco Bank Gold Loan | 8.50% |
| Indian Bank Gold Loan | 8.65% to 9.00% |
| Union Bank Gold Loan | 8.65% to 9.90% |
| IndusInd Bank Gold Loan | 8.75% to 16.00% |
| Bandhan Bank Gold Loan | 8.75% to 19.25% |
| Punjab & Sind Bank Gold Loan | 8.85% |
| Bank of Baroda Gold Loan | 9.15% |
| Punjab National Bank Gold Loan | 9.25% |
| Bank of Maharashtra Gold Loan | 9.30% |
| Federal Bank Gold Loan | 9.49% |
| City Union Bank Gold Loan | 9.50% |
| Canara Bank Gold Loan | 9.60% |
| J & K Bank Gold Loan | 10.00% |
| ICICI Bank Gold Loan | 10.00% |
| Karur Vysya Bank Gold Loan | 10.25% |
| South Indian Bank Gold Loan | 10.01% |
| Karnataka Bank Gold Loan | 11.21% |
| Axis Bank Gold Loan | 17.00% |
| Muthoot Finance Gold Loan | 22% p.a. |
| AU Small Finance Bank Gold Loan | Up to 24.00% |
Note: The interest rates mentioned above are subject to change at the lender’s discretion.
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:
- Log in to the SBI Yono app by entering your MPIN.
- Navigate to the ‘Loans’ tab and select ‘Gold Loan’.
- On the next screen, click on the ‘Apply Now’ button.
- 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.
- Visit the selected branch to deposit the gold ornaments and submit the required documents.
- 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.
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SBI Gold Loan Interest Repayment
Here are the steps to pay your SBI gold loan interest online:
- Log in to your SBI internet banking account. If you don’t have an account, first register for SBI net banking.
- Navigate to the e-payment section.
- Add your SBI gold loan account details as a biller.
- Enter the EMI amount and proceed with the payment.
- Verify the transaction by entering the OTP sent to your registered mobile number.
- Upon successful payment, you will receive a confirmation SMS from SBI.
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