SBI Gold Loan: Most people take personal loans from banks when there is a sudden need for money, but the interest rates on it are very high. In such a situation, if you have gold coins or gold ornaments, then you can arrange money for your needs at low rates. The country’s largest bank can take a loan from the State Bank of India (SBI) at the rate of 7.5 per cent per annum, while personal loans may have to pay interest at the rate of 9.6 per cent. If SBI Housing Loan customers are there, then only 7.3 percent interest will have to be paid. A loan of up to 50 lakh rupees can be taken from the bank by pledging gold. The paperwork to get this loan is also very less, due to which it is a great option for arranging money.
You can give a missed call on 7208933143 or SMS “GOLD” on 7208933145 to get callback from the contact center of SBI bank. After this, the bank will contact you for the gold loan and further process will start. Anyone above 18 years of age (single or joint) can take this loan, who has any source of income.
Feature of Gold Loan
- Loans ranging from 20 thousand rupees to 50 lakhs
- Security- Proof of the purity and quantity of the jewelry or coin you are mortgaging.
- Processing Fee – 0.25% of the loan amount and GST or a minimum of Rs. 250 (not charged for applying from YONO)
- No income proof needed.
- Margin – Gold loan: 25%, Liquid gold loan: 25%, Bullet repair gold loan: 35%
- Rate of interest – 7.5 percent. 7.3 per cent if SBI Housing Loans are customers.
Repayment mode
- Gold loan: The payment of principal and interest will start from the very next month after getting the loan.
- Liquid Gold Loan: Transaction facility and monthly interest overdraft account will be provided.
- Bullet Repair Gold Loan: Term completion or account closure or before.
Repair period
- Gold loan: 36 months
- Liquid Gold Loan: 36 months
- Bullet Repayment Gold Loan: 12 months
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Required documents
- To apply- Gold loan application with two photographs
- Identity and address proof
- Evidence letter if illiterate
- At the time of loan- DP note and DP note take delivery letter
- Gold ornaments take delivery letter
- Arrangement letter