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 1800-11-2211 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%
    • Liquid Gold Loan (Overdraft): 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.
    • Liquid Gold Loan ( Overdraft) : 0.50% of loan amount subject to minimum Rs. 500 + 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.
    • Liquid Gold Loan (Overdraft): Overdraft Account with transaction facility. Monthly interest is to be served. The drawing power of the account will be calculated based on the current market value of the gold declared by the bank from time to time.
    • 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
      Liquid Gold Loan ( Overdraft) : 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

Note: Drawing power may fluctuate according to current market price of gold, within sanctioned limit. 


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: 9.11%

Scheme 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
Gold Loan EMI based 8.50% 1.25% 9.75%
Liquid Gold Loan ( Overdraft) 8.50% 1.25% 9.75%
12 Months Bullet Repayment Gold Loan 8.50% 0.50% 9.00%
Scheme Three Month MCLR Spread over 3 Month MCLR Effective Interest Rate
3 Months Bullet Repayment Gold Loan 8.10% 0.55% 8.65%
Scheme Six Month MCLR Spread over 6 Month MCLR Effective Interest Rate
6 Months Bullet Repayment Gold Loan 8.40% 0.35% 8.75%

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Last Updated On : Saturday, 01-04-2023

Interest Rates

Starts From 8.65%*

SBI Gold Loan

*T & C Apply

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