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Gold loan becomes cheaper in SBI, know new interest rate of loan up to 50 lakh

 

In today’s time, some banks also run gold loan schemes. Image: PTI

SBI Gold Loan: State Bank of India (SBI) has made gold loans cheaper. In order to enable customers to take the gold kept at home in difficult times, the bank has brought the interest rate on SBI Personal Gold Loan Scheme to 7.50% per annum. The bank says that this interest rate for gold loans is the lowest in the industry. The benefit of SBI Personal Gold Loan Scheme can also be taken from the YONO SBI app.

Although people often resort to jewellers for gold loans, in today’s time some banks also run gold loan schemes. With their help, citizens can take a loan against the bank by putting gold in a difficult time. In August 2020, the RBI increased the value of debt on gold jewellery, giving relief to the common man. Now gold jewellery will be able to get loans up to 90 percent of its value by March 2021, which was up to 75 percent before this instruction.

SBI Gold Loan Amount

Apart from gold jewellery, gold coins can also be pledged in the SBI Gold Loan Scheme. SBI has also increased the maximum loan amount under the scheme. Now, loans ranging from Rs 20000 to Rs 50 lakh can be raised on gold, which was earlier up to Rs 20 lakh.

This interest rate will remain till September 30

The interest rate for any loan amount in the SBI Personal Gold Loan Scheme is the bank’s 1-year MCLR + 0.50 per cent. At present, the bank has 7 per cent MCLR for a year. Therefore, the interest rate on the gold loan is 7.50 percent per annum. Apart from this, the bank also offers exclusive gold loan product ‘Realty Gold Loan’ for its housing loan customers. The current interest rate for this is 7.30 percent annually. Both these interest rates will be valid till 30 September 2020.

Processing fees also reduced

Pro cessing fees on SBI Gold Loans have come down. Now the bank is taking 0.25% + GST ​​of the loan amount as the processing fee, which is a minimum of Rs 250 + GST. At the same time, there is no processing fee for those applying through the YONO app. Gold appraisal charges will be paid by the applicant.

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Who can take SBI Gold loan?

All persons above 18 years of age can apply for SBI Personal Gold Loan. Applications can be made on a single or joint basis. For this, the applicant must have a stable source of income. However, proof of income is not required to take a loan. The margin in SBI Gold loan scheme is as follows-

  • Gold Loan: 25%
  • Liquid Gold Loan: 25%
  • Bullet Repayment Gold Loan: 35%

Loan repayment period

There are three variants of the SBI Personal Gold Loan Scheme – Gold Loan, Liquid Gold Loan and Bullet Repair Gold Loan. In both the SBI Gold and Liquid Gold loan variants, the repayment period for the loan is maximum 36 months, while in SBI Bullet Repair Gold loan, the period is maximum 12 months. Talking about the repair mode, the repayment of principal and interest under the gold loan variant will start from the next month of the month of loan disbursement. Overdraft account will be made available under the liquid gold loan with transaction facility and monthly interest. In Bullet Repair Gold loan variants, loan repayment can be lump sum at the end of the loan period or before / closing the account.

Required documents

These documents are required when applying for SBI Personal Gold Loan…

  • Application form for a gold loan with two photos
  • Proof of identity with proof of address.
  • Witness letter in case of unread applicants.

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Source: www.financialexpress.com

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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