In India, gold holds significant sentimental and monetary value, making it a preferred asset for securing loans. A gold loan is a financial instrument where individuals can borrow money by pledging their gold ornaments or coins as collateral.
State Bank of India (SBI) is a major public sector bank offering gold loans. The SBI Gold Loan Interest Rate is the charge levied by the bank for borrowing against gold. To be eligible for an SBI Gold Loan, individuals must meet specific criteria related to age, income, and possession of gold ornaments or coins.
Factors such as the current market value of gold, the borrower’s creditworthiness, and the loan amount can impact the interest rate.
Table of Content
- ⇾ Features of SBI Gold Loan
- ⇾ SBI Gold Loan Interest Rate & Charges
- ⇾ Gold Loan Interest Rates From Top Banks
- ⇾ SBI Gold Loan Interest Rate Calculator
- ⇾ SBI Gold Loan Interest Rate of 2024
- ⇾ SBI Personal Gold Loan
- ⇾ SBI Realty Gold Loan
- ⇾ Eligibility Criteria For SBI Gold Loan
- ⇾ Documents Required For SBI Gold Loan
- ⇾ Steps to Apply For SBI Gold Loan by Branch Visit
- ⇾ FAQs
Features of SBI Gold Loan
The table provided below shows the features of the SBI gold loan.
| Features | Description |
|---|---|
| Maximum Loan Amount | Rs. 50 lakhs |
| Minimum Loan Amount | Rs. 20,000 |
| Margin | Gold Loan (EMI based): 25% 3 Months Bullet Repayment Gold Loan: 30% 6 Months Bullet Repayment Gold Loan: 30% 12 Months Bullet Repayment Gold Loan: 35% |
| Security | Pledge of gold ornaments duly verified for quality & quantity. |
| Processing Fees | Varies based on loan type and amount. |
| Repayment Mode | EMI based or Bullet Repayment. |
| Repayment Period | Maximum 36 months for EMI based, up to 12 months for Bullet Repayment |
| Other | Gold appraiser charges paid by the applicant. |
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SBI Gold Loan Interest Rate & Charges
The table provided below shows the interest rates and other charges associated with the SBI gold loan.
| Features | Rates & Charges |
|---|---|
| Interest Rate | Starting from 7.30% p.a. |
| Loan Amount | ₹20,000 to ₹50,00,000 |
| Processing Fees | 0.50% of the loan amount |
| Loan Tenure | 3 months to 36 months |
| Gold appraisal charges | Borne by the borrower |
Gold Loan Interest Rates from Top Banks
Gold loans are a financial instrument that allows individuals to borrow money by pledging gold ornaments as collateral. Interest rates on gold loans typically vary among different banks and financial institutions.
The table below provides the interest rates from top banks in India.
| Top Banks | Interest Rates |
|---|---|
| State Bank of India | 7.30% p.a. Onwards |
| Canara Bank | 9.25% p.a. Onwards |
| Union Bank of India | 9.25% p.a. Onwards |
| Bandhan Bank | 8.28% p.a. Onwards |
| RBL Bank | 7.11% p.a. |
| YES Bank | 9.65% to 15.65% p.a. |
| Indian Overseas Bank | 7.05% p.a. |
| IndusInd Bank | 10% - 16% p.a. |
| Punjab National Bank | 9.25% p.a. |
| Indian Bank | 8.80% p.a. Onwards |
| Karur Vysya Bank | 9.80% – 10.75% p.a. |
| Federal Bank | 8.15% p.a. Onwards |
| Axis Bank | 8.85% p.a. Onwards |
| ICICI Bank | 10.50% p.a. Onwards |
| HDFC Bank | 8.50% p.a. Onwards |
| Kotak Mahindra Bank | 8% - 17% p.a. |
| City Union Bank | 9.70% p.a. Onwards |
| IDFC First Bank | 10.55% p.a. Onwards |
| Central Bank of India | 7.35% p.a. Onwards |
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Note: The gold loan interest rates mentioned above are subject to change. For more recent information, please check the official bank website.Don't know your credit score? You can find out for free!
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SBI Gold Loan Interest Rate Calculator
SBI offers a gold loan interest rate calculator on its official website. This online tool allows potential borrowers to estimate their Equated Monthly Installments (EMIs) based on the loan amount, interest rate, and repayment tenure.
To use the SBI Gold Loan Interest Rate Calculator:
- Visit the SBI website.
- Navigate to the "Calculators" section.
- Locate the "Gold Loan EMI Calculator" option.
- Input the required details, including loan amount, interest rate, and tenure.
- The calculator will display the estimated EMI.
SBI Gold Loan Scheme
SBI offers personal gold loans against gold ornaments or coins as collateral. The interest rates for these personal gold loans are typically competitive. Let's take a look at the SBI gold loan interest rates of 2024.
SBI Personal Gold Loan
An SBI Personal Gold Loan is a type of loan where you pledge your gold ornaments as collateral to borrow money. The loan amount is typically determined by the value of your gold.
The table below shows the rates associated with this type of loan.
| Scheme | MCLR | Spread over MCLR | Effective Interest Rate |
|---|---|---|---|
| Gold Loan EMI based | 8.85% | 1.25% | 10.10% |
| 12 Months Bullet Repayment Gold Loan | 8.85% | 0.50% | 9.35% |
| 3 Months Bullet Repayment Gold Loan | 8.40% | 0.55% | 8.95% |
| 6 Months Bullet Repayment Gold Loan | 8.75% | 0.35% | 9.10% |
SBI Realty Gold Loan
An SBI Realty Gold Loan is specifically designed for individuals who have an existing or new housing loan with SBI. This loan allows you to utilize the value of your gold ornaments to meet additional housing loan requirements.
The table below shows the rates associated with this type of loan.
| Scheme | 1 Year MCLR | Spread over I year MCLR | Effective Interest Rate |
|---|---|---|---|
| All Variants of Realty Gold Loan | 8.85% | 0.50% | 9.35% |
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Eligibility Criteria for SBI Gold Loan
To be eligible for an SBI Gold Loan, you must meet the following basic criteria:
- Age: You must be at least 18 years old to apply for a SBI gold loan.
- Income: You should have a steady source of income to apply for a SBI gold loan. However, proof of income is not mandatory for bank employees and pensioners.
Note: These are general eligibility criteria. Specific terms and conditions may vary.
Documents Required for SBI Gold Loan
To apply for an SBI Gold Loan, you will generally need the following documents:
- Identity proof: PAN card, Aadhaar card, driving license, passport.
- Address proof: Aadhaar card, voter ID card, utility bills, passport.
- Two passport-sized photographs.
- Gold ornaments for valuation.
Note: Additional documents might be required based on specific circumstances. Check with your nearest SBI branch for the most accurate and up-to-date information.
Steps to Apply for SBI Gold Loan Through Branch Visit
Here are the steps to apply for a SBI gold loan offline.
- Visit Your Nearest SBI Branch: You can directly visit your nearest SBI branch to initiate the application process.
- Submit Required Documents: You will need to submit the necessary documents for the SBI gold loan.
- Gold Valuation: The bank will assess the purity and weight of your gold ornaments.
- Loan Approval: Based on the gold valuation, the bank will determine the loan amount and interest rate.
- Loan Agreement: If you agree to the terms, you will need to sign the loan agreement.
- Disbursement of Loan: Once all formalities are completed, the loan amount will be disbursed to you.
Besides SBI gold loan rates, you can also check more from the links given below:-
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Frequently Asked Questions
SBI gold loan interest rates currently start from around 8.85% p.a., but the exact rate can vary based on factors like loan amount, gold purity, and repayment tenure.
Applying for a gold loan typically requires a physical visit to a branch for gold valuation and document verification.
SBI reviews and changes its gold loan interest rates periodically, usually in line with market conditions and internal policies. The frequency of these changes can vary.
Yes, a gold loan can affect your CIBIL score. Timely repayments can improve it, while defaults or delays can negatively impact it.
SBI calculates gold loan interest rates based on multiple factors, including the prevailing market interest rates, the value of the pledged gold, and the borrower's creditworthiness.
The interest rate for a 1 lakh SBI gold loan starts from approximately 8.85% per annum. The exact interest rate can vary based on factors like gold purity and loan tenure.
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