SBI Gold Loan 2023: State Bank of India (SBI), India’s largest lender, stands among the foremost banks in the country, offering a range of loans catering to diverse financial needs. With total assets surpassing Rs. 25,29,394 crores, sbi gold loan calculator, sbi gold loan interest, sbi gold loan Apply, sbi gold loan eligibility SBI is a prominent player, securing its place in the Forbes 500 list, a unique distinction among Indian banks. SBI is also the most frequently searched bank in India, boasting a vast network of over 17,000 branches accessible across the nation.
The SBI Gold Loan scheme is a versatile offering providing loans against gold ornaments. Ranging from Rs. 10,000 to Rs. 20 lakh, this loan carries an interest rate of 12.50%. Existing SBI customers can leverage this facility by pledging gold ornaments, including coins sold by the bank, for loans up to Rs. 20 lakhs. This loan amount can be utilized for various personal expenses such as weddings, education, property construction, leisure trips, and more. The application process for a gold loan entails minimal paperwork.
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Features and Eligibility for SBI Gold Loan
- Exclusive for existing customers, the loan is non-transferrable.
- Swift and straightforward process for loan approval and disbursal.
- Low-interest rates applied to the loan.
- Borrowers receive 75% of the gold value, with the bank maintaining a 25% margin.
- Maximum repayment tenure for demand loan is 30 months, and for overdraft, it’s 36 months.
- Collateral required includes gold ornaments, including bank-issued gold coins.
Eligibility Criteria
- Applicants must be at least 21 years old to qualify for the loan.
- Steady income sources, including bank employees and pensioners, are eligible.
- Being an existing SBI customer with a history of banking transactions.
- Gold pledged as security should belong to the borrower.
Documents Required for SBI Gold Loan Apply
- Age Proof – Valid government-approved ID proof (PAN card, Driver’s License, Voter’s ID, etc.)
- Address Proof – Valid government-approved address proof (Utility bill, Passport, Driver’s License, etc.)
- Photographs – Two passport size photographs of the applicant
- Duly filled and signed application form
SBI Gold Loan Interest Rate
| Information | Details |
|---|---|
| Interest rate | 2% + 1 year MCLR = 11.05% |
| Minimum Loan Amount | Rs 20000 |
| Max Loan Amount | Rs 20 Lacs |
| Gold Loan Margin | 25% |
| Max Repayment Tenure | 30 months |
| Processing fees (hallmarked jewellery) | 0.5% of loan sanctioned |
| Processing fees (non-hallmarked jewellery) | For loan amounts up to Rs. 25000 – Rs. 250 + ST <br> For loan amounts > Rs. 25000 – higher of 0.5% of loan amount sanctioned + ST or Rs. 500 |
The information provided in the table is for reference and may undergo periodic updates. Presently, the bank applies an interest rate on gold loans that is 2.00% higher than the 12-month MCLR. The current MCLR stands at 9.15% per annum, resulting in an applicable interest rate of 11.15% per annum on gold loans. sbi gold loan calculator
SBI Personal Gold Loan: Fee and Charge Details
SBI levies a modest processing fee for handling applications, which varies based on the quality of the gold provided as collateral, distinguishing it from other banks.
| Gold Quality | Processing Fees |
|---|---|
| BIS Hallmarked gold ornaments | 0.50% of loan amount, subject to a minimum of Rs 250 and maximum of Rs 500 💰 |
| Ornaments with no Hallmark | |
| For loans up to Rs 25,000 – Rs 250 💰 | |
| For loans greater than Rs 25,000 – 0.50% of the amount, subject to a maximum of Rs 500 💰 |
FAQs
A 25% margin is applicable to this gold loan.
The minimum loan amount offered under this scheme is Rs 20,000.
Loans can be availed either as an overdraft or a demand loan.
Yes, a demand loan has a maximum repayment tenure of 30 months, while it is 36 months for an overdraft.
The repayment process commences immediately, with borrowers expected to start EMIs a month after the loan has been sanctioned. For example, if the loan was availed in January, loan repayment should begin by February.
