SBI Personal Gold Loan

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SBI Personal Gold Loan
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SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by Banks with minimum paper work and low interest rate.

Dial 1800-1234/1800 2100 for more information/ applying through Contact Centre.
Give a Missed Call on 7208933143 or SMS “GOLD” on 7208933145 to get a call back from our Contact Centre

Features

  • Maximum Loan Amount : Rs 50.00 lacs
  • 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%
      *No further appraisal of pledged gold is required at the time of two subsequent renewals, subject to the pledged gold remaining in the custody of the Bank.
  • Security : Pledge of gold ornaments duly verified for quality & quantity.
  • Processing Fees: 
    • 3 Months Bullet Repayment Gold Loan : Rs. 200+GST
    • 6 Months Bullet Repayment Gold Loan : Rs. 300+GST
    • 12 Months Bullet Repayment Gold Loan : 0.50% of loan amount subject to minimum Rs. 500 and maximum Rs. 10000+ applicable GST.
    • Gold Loan EMI based : 0.50% of loan amount subject to minimum Rs. 500 + applicable GST.
  • Others : Gold appraiser charges will be paid by the Applicant.

Eligibility

  • Age : 18 years and above
  • Profession : Any individual (singly or jointly) with Steady source of income including: Bank’s Employees, Pensioners. (No Proof of income required)

Repayment

  • Repayment Mode 
    • Gold Loan (EMI based): Repayment of Principal and Interest will commence from month following the month of disbursement.
    • 3 Months Bullet Repayment Gold Loan: Interest and Principal on or before end of term.
    • 6 Months Bullet Repayment Gold Loan: Interest and Principal on or before end of term.
    • 12 Months Bullet Repayment Gold Loan: Interest and Principal on or before end of term.
  • Repayment Period
    • Maximum :
      Gold Loan (EMI based) : 36 months
      3 Months Bullet Repayment Gold Loan: 3 months 
      6 Months Bullet Repayment Gold Loan : 6 months ,
      12 Months Bullet Repayment Gold Loan: 12 months

Documents Required

To Apply 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.
  • Arrangement Letter.

RATE OF INTERESTMean Rate of Interest: 9.57%

Scheme 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
Gold Loan EMI based 9.00% 1.25% 10.25%
12 Months Bullet Repayment Gold Loan 9.00% 0.30% 9.30%
Scheme Three Month MCLR Spread over 3 Month MCLR Effective Interest Rate
3 Months Bullet Repayment Gold Loan 8.55% 0.45% 9.00%
Scheme Six Month MCLR Spread over 6 Month MCLR Effective Interest Rate
6 Months Bullet Repayment Gold Loan 8.90% 0.30% 9.20%

a) SBI Personal Gold Loan is a general-purpose Loan scheme available to individuals, against security of gold ornaments & specially minted gold coins (max 50 grams) sold by Banks.

b) It can be taken for meeting expenses of sudden medical exigency, margin money for Home Loan and/or Education Loan, travel plans including consumption purpose.

Personal Gold Loan is normally sanctioned on the same day of application and loan amount is credited to customer account.

Yes, you can apply for Personal Gold Loan. Only thing is that you need is to open a Saving Account with KYC documents with SBI where loan amount would be deposited

nyone of 18 years and above age with steady source of income.

No, it is not necessary, but she/he should have the capacity to repay the loan.

  • Two Passport Size Photographs.
  • Proof of identity with proof of Address (OVD)

Minimum Loan amount is Rs. 20000/- and maximum is Rs. 50.00 lacs per individual.

  • For 3 Months Bullet Repayment Gold Loan – Rs. 200+GST
  • For 6 Months Bullet Repayment Gold Loan – Rs.300+GST
  • For 12 Months Bullet Repayment Gold Loan - 0.50% of loan amount subject to minimum Rs. 500 and maximum Rs. 10000 + applicable GST.
  • Gold Loan EMI based : 0.50% of loan amount subject to minimum Rs. 500 + applicable GST.

* Gold appraiser charges will be paid by the applicant.  

  • For SBI 3 Months Bullet Repayment Gold Loan – 3 Months
  • For SBI 6 Months Bullet Repayment Gold Loan – 6 Months
  • For SBI 12 Months Bullet Repayment Gold Loan – 12 Months
  • For SBI Personal Gold Loan - EMI Based – 36 Months

Personal Gold Loan is available as Demand Loan and Bullet Repayment facility. You can repay Personal Gold Loan through regular EMI and Interest every month.

  • Demand loan is payable through monthly EMI.
  • In Bullet Repayment Gold Loan, customers have the option of paying principal and interest on or before maturity of loan.

Interest rate w.e.f.17.11.2024 is as under: 

Variants ROI
3 Months Bullet Repayment Gold Loan At Present – 9.00% (0.45 % above Three Month MCLR)
6 Months Bullet Repayment Gold Loan At Present – 9.20% (0.30% above Six Month MCLR)
12 Months Bullet Repayment Gold Loan  At Present – 9.30% (0.30% above 1Year MCLR)
Gold Loan on EMI At Present 10.25% (1.25% above 1Year MCLR)
Note – Interest Rate is subject to change as per Bank’s policy. 

The amount of loan is decided on the basis of Gold purity i. e. on the basis of carat (22, 20, 18) and net weight. Loans are not granted against the security of Primary Gold i. e., 24 carats gold bars and biscuits.

Margin of 25% is to be maintained for loans repayable by way of EMIs. In case of Bullet Repayment Loan Scheme, margin is 35%. In case of 3 Months Bullet Repayment Gold Loan and 6 Months Bullet Repayment Gold Loan, margin is 30%

Yes, loans can be availed against the security of specially minted gold coins sold by Banks weighing maximum up to 50 grams per customer.

Yes, you can avail maximum 3 gold loans, including the existing one within bank’s prescribed ceiling of Rs 50.00 lacs.

Yes, NRI Customer is eligible for loan with his temporary local address.

No, there is no prepayment penalty on SBI Gold Loan.

No. Loan can be closed at any point of time without any foreclosure charges.

Yes. The Loan can be applied for at any branch. The loan can also be applied through SBI App “YONO”.


* T & C applies.

For any further query, please feel free to write to cmgoldloans.pbbu@sbi.co.in, agmgoldloans.pbbu@sbi.co.in.

Alternatively, for assistance, you may call at 1800 1234.

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Last Updated On : Thursday, 21-11-2024

Interest Rates

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SBI Gold Loan

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