Now Apply For SBI Gold Loan By A Missed Call Or SMS: Check How

Updated: Monday, February 22, 2021, 10:04 [IST]

It can be a great choice to handle consideration of an immediate fiscal crisis over a financial meltdown with a gold loan. With limited documentation, gold loans can be approved easily. India's largest commercial giant, State Bank of India, also provides gold loans. By guaranteeing gold ornaments and coins with minimal documentation and at low-interest rates, you can use the SBI Gold Loan. You can use SBI gold loans at a minimal interest rate of 7.50 per cent and zero processing fees, among other advantages, according to a report by SBI.

Key takeaways of SBI Gold Loan

To apply for this scheme, a borrower must be at least 18 years old.
Any person, including Bank Employees, Pensioners, individually or jointly with a Stable Source of Income.
Proof of income is not required by the bank
A minimum loan amount of Rs 20,000 up to a maximum of Rs 50 lakh is sanctioned by the bank.

Processing charges

To process the loan, SBI imposes a low fee i.e. Nil if applied through YONO
0.25% + GST, min. Rs. 250 + GST
On loan repayment, gold products offered as collateral are returned to the borrower.

Loan margin

Across multiple schemes, the margin is as follows:

SBI Gold Loan: 25% loan margin
SBI Liquid Gold Loan: 25% loan margin
SBI Bullet Repayment Gold Loan: 35% loan margin

Repayment tenure

The repayment tenure for the various schemes are as follows:

SBI Gold Loan: 36 months of the loan tenure
SBI Liquid Gold Loan: 36 months of the loan tenure
SBI Bullet Repayment Gold Loan: 12 months of the loan tenure

Repayment period

The repayment period for various SBI Gold Loan schemes are as follows:

SBI Gold Loan: The principal and interest repayments shall begin from the month following the month of loan approval.
SBI Liquid Gold Loan: The transaction service and monthly interest overdraft account is supported.
SBI Bullet Repayment Gold Loan: On or before the loan term on the closure of the account.