If you are looking for a loan to meet your financial needs, then you should consider applying for an SBI Gold Loan. This Loan is offered by the State Bank of India (SBI) and has a variety of features that could benefit you. In this article, we will discuss the interest rate on this Loan, as well as some of the other important details about it. So, if you are interested in applying for an SBI Gold Loan, be sure to read on!
SBI Gold Loan Highlights
| Interest Rate | 8.00% p.a. |
| Loan Amount | Up to Rs. 50 Lakh |
| Loan Tenure | Up to 36 months |
| Processing Fees | Nil (Till 31.01.2023) |
State Bank of India Gold Loan
SBI Gold Loan is an interest rate fixed loan product offered by State Bank of India. The loan has a tenure of up to 3 years and an interest rate of 8.00% per annum. You can use this gold loan for your personal needs like marriage, education, travel, emergency medical, etc.
You can avail of a gold loan by depositing your own gold, gold ornaments or gold coins with SBI as collateral or security. Once you repay your loan in full, the bank will return your gold.
SBI Gold Loan Interest Rate – 2022
SBI Gold Loan interest rates are currently 8% per annum. SBI has the sole discretion to change the rates. So you must check the current rates before applying for a gold loan.
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
|---|---|---|---|
| Gold Loan(all variants) | 7.70% | 0.30% | 8.00% |
Read Also – Central Bank Of India Home Loan Review
Type of SBI Gold Loan
There are 2 types of SBI gold loans available to borrowers. The best way to find the right loan for you is to talk to a loan officer at your local bank.
Types of SBI Gold Loans:
1. SBI Personal Gold Loan
| Maximum Loan Amount | Rs 50.00 lacs |
| MinimumLoan Amount | Rs 20,000 /- |
| Margin | Gold Loan: 25% Liquid Gold Loan: 25% Bullet Repayment Gold Loan: 35% |
| Processing Fees | Nil (Till 31.01.2023) |
2. SBI Realty Gold Loan
| Maximum Loan Amount | Rs 50.00 lacs |
| MinimumLoan Amount | Rs 50,000 /- |
| Margin | Gold Loan: 25% Liquid Gold Loan: 25% Bullet Repayment Gold Loan: 35% |
| Processing Fees | Nil (Till 31.01.2023) |
EMI Calculator
EMI Calculator is an online tool that helps you calculate the EMIs for an SBI gold loan. The tool takes into account various loan parameters such as loan amount, interest rate, and tenure. The tool also provides an EMIs comparison chart so that you can get an idea of the corresponding EMI for different loans.
Eligibility Criteria
If you are looking for an SBI Gold Loan, you may be wondering if you are eligible. The short answer is that anyone can apply for an SBI Gold Loan, regardless of their credit score. In order to be approved for an SBI Gold Loan, you will need to meet certain eligibility requirements.
- You must be an Indian citizen
- You must be at least 18 years old
- You must have a regular source of income
- You must have some form of collateral (gold jewellery, coins, bars, etc.)
- Gold ornaments are duly verified for quality & quantity.
Documents Required
The following are the necessary documents that you will need in order to take out a gold loan:
- Application for Gold Loan.
- 2 Passport Size Photo.
- Proof of Identity.
- Proof of Address.
- Witness Letter in case of illiterate borrowers.
- DP note and DP Note Take Delivery Letter.
- Gold Ornaments Take Delivery Letter.
- Arrangement Letter.
How To Apply For SBI Gold Loan
If you are looking to obtain a loan from the State Bank of India (SBI), then you should follow these simple steps:
Apply Online
- Visit the SBI website and search for the “Loan” tab.
- On the loan tab, you will be able to find a list of loans available to you.
- Click on the “apply now” button next to the loan you would like to apply for.
- Complete the application form and submit it with the required documents.
- Wait for a response from SBI and get your loan approved!
Apply Offline
- 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 Bank Contact Centre
SBI Gold Customer Care Number
SBI Gold Loan Customer Care Number is the toll-free helpline number for resolving all your queries related to SBI Gold Loan. The helpline is available round the clock and offers support to borrowers, lenders and other stakeholders.
You can contact the customer care number for any query related to SBI Gold Loan including registration, loan application, queries about repayment schedule, etc. If you are not able to resolve your issue through the helpline, you can write to the concerned department for further assistance.
| Toll-free number | 1800 425 3800 |
| Toll number | 080-26599990 |
| customercare@sbi.co.in contactcentre@sbi.co.in | |
| Write to us | Customer Service Department State Bank of India State Bank Bhavan, 16th Floor Madam Cama Road, Mumbai 400 021 |
Read Also – Bank of Baroda Personal Loan
FAQs
Q. How long does it take to receive an SBI gold loan?
Ans. It normally takes around 1 week to receive an SBI gold loan approval letter. However, this can vary depending on your bank’s processing time.
Q. What is the maximum amount that a borrower can avail of a gold loan?
Ans. The maximum amount that a borrower can avail of a gold loan is Rs 50 lakhs.
Q. Do I require a co-applicant in order to get the SBI Gold Loan?
Ans. No, a co-applicant is not required in order to an SBI Gold Loan.
