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Gold Loan Interest Rate SBI: जाने क्या है? Benefits, Eligibility और क्या Documents लगेगा पूरी जानकरी

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Gold Loan Interest Rate: State Bank of India (SBI), India’s largest and one of the leading banks, provides a range of loan products to cater to diverse financial needs of its customers. SBI boasts total assets exceeding Rs. 2,529,394.00 Crore and is the only Indian bank featured in the Forbes 500 list. It is also the most widely searched bank in India, with a network of over 17,000 branches, making it accessible from most parts of the country.

SBI’s Gold Loan program offers a flexible solution for obtaining loans against gold ornaments. The loan amount available ranges from Rs. 10,000 to Rs. 20 lakhs, with an interest rate of 12.50%. Existing bank customers can access loans of up to Rs. 20 lakhs by pledging gold ornaments, including gold coins sold by the bank. This loan amount can be utilized for various personal expenses, such as weddings, child education, property construction, leisurely vacations, and more. The gold loan application process requires minimal paperwork, making it a convenient option for those in need.

Contents

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Features And Benefits of SBI Gold Loan:

  • Exclusive to existing customers; not transferable to others.
  • Expedited and uncomplicated loan approval and disbursement process.
  • Offers a competitive and low interest rate on the loan.
  • Borrowers can access 75% of their gold’s value, with the bank maintaining a 25% margin.
  • Maximum repayment terms: 30 months for demand loans and 36 months for overdrafts.
  • Security for the loan is provided by pledging gold ornaments, including bank-issued gold coins.
Gold Loan Interest Rate
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Overview

ServiceSBI Gold Loan
Article NameGold Loan Interest Rate SBI
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Eligibility Criteria For SBI Gold Loan

  • Applicants must be at least 21 years old when applying for the loan.
  • Anyone aged 21 years and above can qualify for the loan if they meet the other required criteria.
  • Individuals with a stable source of income, including bank employees and pensioners, are eligible for the loan.

Required Documents For SBI Gold Loan

Applicants seeking a loan through the Gold Loan scheme must meet specific fundamental eligibility requirements.

  • Age requirement: Applicants must be at least 21 years old to be eligible.
  • Income stability: Applicants need to have a reliable source of income, regardless of their profession, to ensure the ability to repay the loan.
  • SBI customer: Eligibility is limited to existing SBI customers who have conducted banking transactions with the bank previously.
  • Collateral: This loan is obtainable by offering gold as security.
  • Ownership of gold: The gold used as collateral should belong to the borrower.

Required Documents For SBI Personal Gold Loan

  • ID Proof: Acceptable options: PAN card, Driver’s License (DL), Voter’s ID, etc.
  • Address Proof: Acceptable options: Utility bill, Passport, Driver’s License (DL), etc.
  • Photographs: RequiredTwo passport size photographs of the applicant.
  • Application Form: Completion required: Duly filled and signed application form.
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Read Also: SBI Scholar Loan List 2023: SBI Education Loan, Interest Rate? जाने पूरी जानकारी Step By Step

SBI Gold Loan Interest Rate

ParameterValues
💰 Interest Rate2% + 1 year MCLR = 11.05%
💲 Minimum Loan AmountRs 20,000
💲 Maximum Loan AmountRs 20 Lacs
📏 Gold Loan Margin25%
⏳ Maximum Repayment Tenure30 months
💼 Processing Fees (hallmarked jewelry)0.5% of loan sanctioned
💼 Processing Fees (non-hallmarked jewelry)– Loan ≤ Rs. 25,000: Rs. 250 + ST
– Loan > Rs. 25,000: Higher of (0.5% of loan amount sanctioned + ST) or Rs. 500

The table provided above serves as an illustration and is subject to occasional updates. Presently, the bank applies an interest rate of 2.00% above the 12-month MCLR, which stands at 9.15% per annum at the moment. Therefore, the current annual interest rate for gold loans is 11.15%.

Cost and fees linked to the SBI Personal Gold Loan

In contrast to many other banks, SBI imposes a modest processing fee for application processing, and the specific amount varies based on the quality of the gold provided as collateral.

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Gold QualityProcessing Fees
BIS Hallmarked gold ornaments0.50% of loan amount, subject to a minimum of Rs 250 and a maximum of Rs 500
Ornaments with no HallmarkFor loans up to Rs 25,000: Rs 250
For loans greater than Rs 25,000: 0.50% of the loan amount, subject to a maximum of Rs 500

FAQ?: SBI Gold Loan

1. What constitutes the margin for an SBI Personal Gold Loan?

This gold loan requires a 25% margin.

2. What is the minimum loan amount I can obtain using my gold as collateral?
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The minimum loan amount available through this loan program is set at Rs 20,000.

3. How can I access this loan?

Loans can be obtained as either an overdraft or a demand loan.

4. Do the repayment periods vary for Demand Loans and Overdrafts?

Indeed, the maximum repayment period for a demand loan is 30 months, whereas for an overdraft, it extends to 36 months.

5. When does the repayment procedure commence?
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Repayment begins promptly, and borrowers are required to initiate EMI payments one month after loan approval. For instance, if the loan was acquired in January, the loan repayment should commence in February.

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