Personal Gold Loans

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SBI Personal Gold Loan

SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by Banks with minimum paper work and low interest rate.

Features

  • Maximum Loan Amount : Rs 20.00 lacs
  • Minimum Loan Amount : Rs 20,000 /-
  • Margin
    • Gold Loan: 25%
    • Liquid Gold Loan: 25%
    • Bullet Repayment Gold Loan: 35%
  • Security : Pledge of gold ornaments duly verified for quality & quantity.
  • Processing Fees : Up to Rs. 2 lakhs:  Rs.500/- + applicable GST, Above Rs. 2 lakhs:  0.30% of the Loan amount + applicable GST
  • Interest Rate :
    • Loan amount up to Rs. 3 lakhs: 0.85% above the MCLR-1yr
    • Loan amount above Rs. 3 lakhs & up to Rs. 5 lakhs:  0.95% above the MCLR-1yr
    • Loan amount above Rs. 5 lakhs: 1.25% above the MCLR-1yr 
  • Others : Gold appraiser charges will be paid by the Applicant.

Eligibility

  • Age : 18 years and above
  • Profession : Any individual (singly or jointly) with Steady source of income including: Bank’s Employees, Pensioners. (No Proof of income required)

Repayment

  • Repayment Mode 
    • Gold Loan : The repayment of Principal and Interest will be commenced from the month following the month of disbursement.
    • Liquid Gold Loan: Overdraft Account with transaction facility and monthly interest is to be served.
    • Bullet Repayment Gold Loan : On or before the term of the loan/ on closure of account.
  • Repayment Period
    • Maximum :
      Gold Loan : 36 months
      Liquid Gold Loan : 36 months
      Bullet Repayment Gold Loan : 12 months

Documents Required

To Apply Loan

  • Application for Gold Loan with two copies of photographs.
  • Proof of Identity with proof of Address
  • Witness Letter in case of illiterate borrowers.

Time of Disbursement

  • DP note and DP Note Take Delivery Letter.
  • Gold Ornaments Take Delivery Letter.
  • Arrangement Letter.

RATE OF INTEREST (w.e.f. 10.12.2019)

Scheme 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
Gold Loan(all variants Loan amount upto 3 lakhs 7.90% 0.85% 8.75%
Loan amount above 3 lakhs & upto 5 lakhs 7.90% 0.95% 8.85%
Loan amount above 5 lakhs 7.90% 1.25% 9.15%
Realty Gold Loan- A Gold Loan Product exclusively for SBI Housing Loan Customers (all variants) 7.90% 0.50% 8.40%

Interest Rates

8.75% p.a.

Loan amount up to Rs. 3 lakhs

8.85% p.a.

> Rs. 3 lakhs & up to Rs. 5 lakhs

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