STATE BANK OF INDIA (SBI) is one of the largest banks in the public sector bank in India. SBI customers can avail of SBI Bank Gold Loan of up to Rs.50lakh.The interest rate on the personal gold loan offered by SBI is 7.50%. The repayment tenure is up to 3yrs with a processing fee charged at 0.25% of the loan amount.SBI also accepts bank-purchased gold coins as security for funds. You can use the loan amount for any financial or emergency purpose.SBI provides gold loans with easy paperwork, fast processing, and no secret fees.
A Gold loan is one of the quickest and easiest ways of borrowing money. You can be availed by any existing customer of the SBI as well as new borrowers.SBI provides jewel loans to everyone above the age of 18, including salaried and self–employed workers, traders, teachers, pensioners, and housewives.
The bank offers an SBI Bank Gold Loan scheme to provide a loan against gold jewelry that can be used for several requirements marriages, business expansion, education of the child, building a property, etc.
In this post, we will discuss SBI Gold Loan Eligibility criteria like interest rate fees, charges, documents required for application, repayment online options, and EMI. In case of delay in paying EMIs or missing EMIs, pending charges will apply as follows per the bank’s norms.
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MORE DETAILS OF THE SBI GOLD LOAN ARE PROVIDED BELOW
SBI GOLD LOAN ELIGIBILITY CRITERIA
1. You should be over age18 years of age at the time of loan application.
2. You can apply for the loan as an individual or with another person.
DOCUMENTS FOR SBI GOLD LOAN
1. Filled application form
2. Two passport-size photographs
3. Income proof
4. Witness letter in case of illiterate borrowers
5. Govt-approved id proof (pan card, voters)
6. Address proof (electricity bill/passport)
Read More: HDFC Gold Loan
APPLY SBI GOLD LOAN ONLINE
Get the online application from the official website of the STATE BANK OF INDIA.
. Now provide accurate details in the form.
.The details are usually your name, email address, mobile no, residence city, type of gold & other information.
.You can be applying on SBI GOLD LOAN ONLINE with a soft copy of the required documents.
APPLY SBI GOLD LOAN OFFLINE
Go to visit the nearest STATE BANK branch in your area for apply SBI GOLD LOAN OFFLINE.
Simply walk –in with the gold jewelry you wish to pledge.
The representative will provide you the with gold loan application form.
You need to fill in all the required details and sign the form before submission.
if the loan is approved, then you will get to know the maximum loan amount you can borrow.
Read More: Bank Of Baroda Gold Loan Interest Rate
SBI Gold loan interest rate is very low according to another bank just starting at 7.50%. This is the lowest EMI per Rs 1 lakh. State Bank Of India Intrest Rate.
Axis Bank Gold Loan 13.50% p.a.to 16.95% p.a. Rs.25,001 to Rs.25 lakh
HDFC Gold Loan 11% p.a. to 16% p.a. Rs.10,000 onwards
Canara Bank Gold Loan 7.35% p.a. Rs.5,000 to Rs.35 lakh
Muthoot Gold Loan 12% p.a. to 26% p.a. Rs.1,500 onwards
Any 18 pulse people who have an income source may apply for an SBI Gold Loan and 70 years of last for eligibility for the SBI Gold Loan.
1 Years 3 Years
EMI amount for loan amount ₹ 1 Lakh at 9.00% ₹ 8,745 ₹ 3,180
Total amount you pay back to the bank including principal and interest ₹ 1.09 Lakh ₹ 1.31 Lakh
Interest you have to pay over loan tenure ₹ 9,308 ₹ 30,605