SBI Gold Loans can be obtained by pledging the applicant’s personal gold, gold jewellery, or gold coins with SBI as security. Upon timely loan repayment, SBI will securely return the provided collateral. The loan application process is simple, and loan approval and disbursement happen immediately. SBI offers personal gold loans with interest rates starting at 8.80%.
A gold loan is a loan taken against your gold assets against a certain interest rate to be paid after the tenure is over. State Bank of India (SBI) offers gold loans to individuals of up to Rs. 50 lakhs against 18-24K gold articles like gold jewellery, gold bonds, etc.
SBI Gold Loan Interest Rate 2024
SBI Personal Gold Loan
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
| Gold Loan EMI based | 8.65% | 0.95% | 9.60% |
| 12 Months Bullet Repayment Gold Loan | 8.65% | 0.20% | 8.85% |
| 3 Months Bullet Repayment Gold Loan | 8.20% | 0.55% | 8.75% |
| 6 Months Bullet Repayment Gold Loan | 8.55% | 0.25% | 8.80% |
SBI Realty Gold Loan
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
| Realty Gold Loan(all variants) | 8.65% | 0.20% | 8.85% |
SBI Gold Loan Rate per Gram
According to the State Bank of India, they decide the actual loan amount by checking the gold purity and net weight. The bank does not grant any gold loan based on the security of Primary Gold (For example – 24 carats of gold bars and biscuits).
SBI Gold Loan Interest Rate Agricultural
Under the Multi-Purpose Gold Loan scheme of SBI, a farmer or a person engaged in agriculture can apply for SBI Gold Loan. According to the bank, the interest rate is 1-year MCLR rate plus 1.25%.
Additionally, you have to pay additional charges for the inspection or processing of your loan. Farmers have to pay the following charges for loans above Rs. 50,000. For loan amounts between Rs. 50,001 to Rs.2 lakh, the fee is Rs. 500 plus GST.
If your loan amount is more than Rs. 2 lakhs, SBI will take 0.30% of the loan amount and additional GST as an inspection/processing fee.
Characteristics of the State Bank of India Gold Loan Schemes
- Flexible loan amount: Borrowers may receive loans ranging from 20,000 to 50 lakh rupees.
- Flexible payback period: The maximum time allowed to repay the loan through EMIs is between 12 and 36 months.
- Prepayment: SBI does not levy prepayment fees for loans that are prepaid by the borrower.
- Flexible loan repayment options: Customers can repay their SBI Personal Gold Loans through gold loans, liquid gold loans, or bullet repayment gold loans.
- Gold objects used as security are returned when the loan is repaid.
- Rapid approval: This loan is simple to obtain and requires little documentation.
- Low processing fee: The processing fee charged by SBI is 0.25 percent of the loan amount.
SBI Gold Loan Eligibility Criteria
SBI Personal Gold Loan
- The age should be 18 years or above.
- You must have a steady income source. However, you do not need to submit income-proof documents if you are a pensioner or bank employee.
SBI Realty Gold Loan
- The age must be 18 years or above.
- You must be a housing loan borrower of SBI Bank (Existing and new customers are allowed).
Documents Required for SBI Gold Loan
- These are the list of documents you need to submit to get your gold loan from SBI:
- Two passport-size photographs
- Address proof (Aadhar card, Voter ID card or driving license)
- Identity proof (Aadhar card, Voter ID card or driving license)
SBI Gold Loan Procedure
Step 1: Log in to the SBI Yono app by entering the MPIN.
Step 2: Click on the ‘Loans’ tab and select ‘Gold Loan’.
Step 3: On the next screen, click on the ‘Apply Now’ button.
Step 4: Enter the required details, such as personal details, gold ornament details, loan amount, and the branch in which you want to deposit the gold ornaments and submit the form.
Step 5: Visit the selected branch and submit the gold ornaments and the required documents.
Step 6: The bank officials will process your application and documents and sanction the loan amount.
Fees of the State Bank of India Gold Loan Scheme
SBI, in contrast to other banks, levies a small processing fee, the amount of which is determined by the caliber of the gold pledged as security. SBI levies a processing fee of 0.25 percent of the loan amount, with a minimum of Rs 250, and there is no price if the application is submitted through YONO.
State Bank of India Gold Loan Interest Rate Compared to Other Lenders of Gold Schemes
Bank | Interest Rate |
HDFC Bank Gold Loan | 7.20% p.a to 16.50% p.a. |
Axis Bank Gold Loan | 8.90% p.a.to 17% p.a. |
FAQs
Are the repaid terms for demand loans and overdrafts different?
Yes, a demand loan has a 36-month maximum repayment period.
Will I receive an acknowledgment letter when the money is dispersed?
Yes, you will receive a delivery letter detailing the quantity, weight, purity, and other pertinent information on the gold jewellery. Since they will be needed after the account is closed, store these documents safely.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow
Complete CA Services
RERA Services
Most read resources
tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | 194r | ec tamilnadu | 194a of income tax act | 80ddb | aaple sarkar portal | epf activation | scrap business | brsr | section 135 of companies act 2013 | depreciation on computer | section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta