Gold Loan from SBI:- Gold loan is a secured type of loan, in which the consumer has to pledge the gold as security to the bank for the loan amount. Till the time the consumer pays the gold loan amount. The gold is kept safe in the locker with the bank. A gold loan is considered better than taking a personal loan, as the interest rates of gold loans are very high. Whereas the interest rates of gold loans are much lower as compared to personal loans.
A gold loan is a loan taken for children’s marriage, education business expansion, medical emergency, vacation with family, agriculture-related needs. Due to its high valuation, gold can be converted into cash in a very short time. Apart from being a secured loan, a gold loan is also a flexible type of loan.
Features of Gold Loan from SBI
|Gold Loan Security||A gold loan is a secured loan as it is a secured type of loan|
|Additional charges for taking a gold loan from Sbi||No|
|Interest rates||Not High|
|Due to the high valuation of gold, how much loan can be availed||75% as per the market value|
|Gold Loan|| Loan for children’s marriage, education, business expansion, medical emergencies, family vacation, agricultural needs|
|SBI Bank Interest Rates||7.5% p.a.|
The tenure of the gold loan varies from bank to bank. But the tenure of the gold loan varies from 12 months to 36 months when you take. Till then you can easily miss the payment amount.
Why should I take Gold Loan from SBI?
If you are taking a gold loan, then SBI bank is providing you with a loan with low-interest rates. SBI Bank keeps on bringing some new offers for its customers all the time. SBI is a simple and secure means of meeting your financial and personal needs. Due to the low-interest rates in this, you can easily meet your financial and personal needs. In this, you do not even need to pay extra charges.
- The following documents are required while taking a loan from SBI.
- Passport size photograph of the applicant.
- Identity Card – Aadhar Card, Pan Card, Voting Card and Driving License etc.
- KYC Documents.
- Certificate- Voter Id, Ration Card, Aadhar Card and Passport.
- Residence Certificate – Address if the customer is residing in a rented house or house. If you have your own home, there is an office address and light bill.
- Demand Promissory Note & Demand Promissory Note Delivery Letter.
- Arrangement letter and gold delivery letter
Note- Some banks may also ask you for your income proof and GST number.
Who can take a gold loan from SBI
- The customer must be an Indian citizen.
- The applicant’s age should be more than 18 years.
- Gold loan amount in SBI Bank is decided based on the purity and weight of the gold.
- In this, you are given a gold loan at 7.5% per annum.
- Things to keep in mind while taking a gold loan from SBI
If you are taking a gold loan, then the first bank from which you are taking the loan. Get information about it from him. How much amount will you get from Gold Loan, what are the interest rates of the bank.? And whether your financial needs will be met with the amount received from Gold Loan.? Then you should also know whether the bank from which you are taking the loan will provide you with the best option regarding repayment or not. You want gold only after doing all these discussions. SBI Bank also provides you with good repayment options with low-interest rates. Therefore, you can fulfil your needs by taking a gold loan from SBI.
The gold loan interest rates on taking a gold loan from SBI are 7.5% per annum.
Features of Gold Loan from SBI
|Gold Loan from SBI||36 Months||25%|
|Liquid Gold Loan||36 Months||25%|
|Bullet Repayment Gold Loan||12 Months||35%|
Note>>SBI Paisabazaar.com is not a partner, offers will be available only from partner banks / NBFCs.
SBI Gold Loan EMI Calculator
EMI calculator is used to knowing the repayment amount per month/annum of the Gold Loan. Go through the following steps carefully for SBI Gold Loan EMI Calculator.
1. For the gold loan EMI calculator from SBI, first of all, go to the official website of all of you. Then click on the EMI calculator there.
2. Enter the loan amount, interest rate and loan tenure.
3. Then you will see the right and EMI amount.
First of all, the bank is the purity, weight, how many carats of your gold and what is the price of gold in the market at that time. After checking all these, when you bought your gold. How much you used and the price of gold in the market at that time will decide your loan amount. Due to the high valuation of gold, you will get a loan up to 75% according to the market value. Gold Loan The loan amount per gram of gold starts from Rs 2200 for 22K and goes up to Rs 2800 for 24K gold. Loans ranging from Rs 50,000 to Rs 50 lakh can be taken under SBI Gold Loan.
If you are taking a gold loan from SBI, then you will get 0.25 per cent of the loan amount plus Rs 250 GST.
Note- If you apply through SBI’s YONO app, then you will not incur a processing fee at all.
How to Apply for SBI Gold Loan (SBI YONO App)
If you are thinking of taking a gold loan, then you can apply for it through the SBI YONO app.
1. First of all login to SBI Bank’s YONO app.
2. Then you have to enter some information into it.
3. After that click on the Loan option and click on Gold Loan.
4. Then click on Apply Now option.
5. Later, you will be asked some information there, (Gold purity, quantity and personal information) which should be entered correctly.
6. Now click on submit.
How to Apply Offline for Gold Loan from SBI
To apply for the gold loan from SBI, first of all, you should go to your nearest branch with your jewellery, gold biscuits or coins. Also, take your necessary documents with you. Then the bank checks the purity of your gold. Bank your gold purity, weight, how many carats and what is the price of gold in the market at that time. After checking all these, when you bought your gold. How much you used and the price of gold in the market at that time, will decide your loan amount. Due to the high valuation of gold, you will get a loan up to 75% according to the market value.
Frequently asked questions
- Will the applicant get any acknowledgment letter at the time of disbursal?
Ans. Yes, a delivery letter will be given to the applicant for the number of gold jewellery, their weight, purity and other information. Keep this letter with you carefully, because if the account is closed due to some reason. Then it is needed at that time.
- Who can take gold loan from sbi.
A. Who is an Indian citizen, and whose age is more than 18 years. He can take gold loan from sbi.
- Is a co-applicant required to get SBI Gold Loan?
Ans. No, a co-applicant is not required to avail Gold Loan.
- What is the tenure of gold loan.
A. If you take a gold loan from SBI, then its tenure is 36 months.
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