If you are in need of quick cash and own gold ornaments or gold coins, then the SBI Gold Loan is the perfect solution for you. State Bank of India (SBI), one of the largest and most trusted banks in India, offers a gold loan scheme that allows you to pledge your gold and get a loan with minimum paperwork and at a low-interest rate. Whether it’s for a personal emergency, a business investment, or any other financial need, the SBI Gold Loan provides a convenient and reliable option.
Features of SBI Gold Loan:
1. Loan Amount:
You can avail a loan amount ranging from Rs 20,000 to Rs 50.00 lacs. The loan amount is determined based on the value of the gold you pledge.
2. Margin:
The margin required for different types of gold loans are as follows:
– Gold Loan (EMI based): 25%
– 3 Months Bullet Repayment Gold Loan*: 30%
– 6 Months Bullet Repayment Gold Loan*: 30%
– 12 Months Bullet Repayment Gold Loan: 35%
*No further appraisal of pledged gold is required at the time of two subsequent renewals, subject to the pledged gold remaining in the custody of the Bank.
3. Security:
The loan is secured against the pledge of gold ornaments duly verified for quality and quantity. This ensures that your gold is safe and secure throughout the loan tenure.
4. Processing Fees:
The processing fees for the SBI Gold Loan are as follows:
– Loan Amount of Rs. 3.00 lac – NIL
– Above loan Amount of Rs. 3.00 lac –
– 3 Months Bullet Repayment Gold Loan: Rs. 100+GST
– 6 Months Bullet Repayment Gold Loan: Rs. 150+GST
– 12 Months Bullet Repayment Gold Loan: 0.25% of loan amount subject to minimum Rs. 250 and maximum Rs. 5000+ applicable GST.
– Gold Loan EMI based: 0.25% of loan amount subject to minimum Rs. 250 + applicable GST.
– Gold appraiser charges will be paid by the Applicant.
Eligibility Criteria:
To be eligible for the SBI Gold Loan, you need to meet the following criteria:
– Age: 18 years and above
– Profession: Any individual (singly or jointly) with a steady source of income, including Bank’s Employees and Pensioners. No proof of income is required.
Repayment Options:
The repayment options for the SBI Gold Loan are as follows:
– Gold Loan (EMI based): Repayment of Principal and Interest will commence from the month following the month of disbursement.
– 3 Months Bullet Repayment Gold Loan: Interest and Principal on or before the end of the term.
– 6 Months Bullet Repayment Gold Loan: Interest and Principal on or before the end of the term.
– 12 Months Bullet Repayment Gold Loan: Interest and Principal on or before the end of the term.
Repayment Period:
The repayment period for the SBI Gold Loan depends on the type of loan:
– Gold Loan (EMI based): Up to 36 months
– 3 Months Bullet Repayment Gold Loan: 3 months
– 6 Months Bullet Repayment Gold Loan: 6 months
– 12 Months Bullet Repayment Gold Loan: 12 months
How to Apply:
To apply for the SBI Gold Loan, you have two options:
1. Dial 1800-1234/1800 2100 for more information or to apply through the Contact Centre.
2. Give a Missed Call on 7208933143 or SMS “GOLD” on 7208933145 to get a call back from the Contact Centre.
FAQs (Frequently Asked Questions):
1. Can I get a gold loan if I have gold coins purchased from other banks?
Yes, gold coins sold by banks can also be pledged for the SBI Gold Loan.
2. What documents do I need to apply for the SBI Gold Loan?
You will need an application for the gold loan along with two copies of photographs, proof of identity with proof of address, and a witness letter in case of illiterate borrowers.
3. Is there any processing fee for the SBI Gold Loan?
For a loan amount of up to Rs. 3.00 lac, there is no processing fee. However, for higher loan amounts, there is a processing fee based on the type of gold loan.
In conclusion, the SBI Gold Loan is a convenient and hassle-free way to get cash against your gold. With minimum paperwork, low-interest rates, and flexible repayment options, this loan scheme offers financial assistance when you need it the most. Contact SBI Bank India today to avail the SBI Gold Loan and meet your financial needs with ease.
