State Bank Of India Gold Loan – Interest Rate, Eligibility & Features

Interest Rate & Loan Details

• Interest Rate: Starts at 9.00% p.a. (subject to change as per SBI policy)
• Loan Amount:
  • Minimum: ₹20,000
  • Maximum: ₹50 lakh
• Loan Tenure: Up to 36 months (with flexible repayment options)
• Processing Fee: Up to 0.50% of the loan amount
• Pre-closure Charges: Nil (as per SBI norms)
• Loan-to-Value (LTV) Ratio: Varies based on the repayment scheme:
  • EMI-based Gold Loan: 75%
  • 3 Months Bullet Repayment Gold Loan: 70%
  • 6 Months Bullet Repayment Gold Loan: 70%
  • 12 Months Bullet Repayment Gold Loan: 65%

Purpose of Gold Loan

SBI provides gold loans to meet urgent financial requirements, including:

• Personal expenses
• Education fees
• Medical emergencies
• Business expansion
• Agricultural investments

Eligibility Criteria

To be eligible for an SBI Gold Loan, you must meet the following conditions:

• Age: Minimum 18 years
• Ownership: You must own gold jewelry or coins that can be pledged as collateral (gold coins sold by banks are accepted)
• Income: Applicants must have a reliable source of income to ensure loan repayment capability
• KYC Compliance: Applicants must submit valid KYC documents for verification.

Documents Required

Applicants must provide the following documents when applying for an SBI Gold Loan:

• Application Form: Duly filled and signed
• Photographs: Two recent passport-size photos
• Identity Proof (Any one):
  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Driving License
• Address Proof (Any one):
  • Aadhaar Card
  • Utility Bills (Electricity, Water, Telephone)
  • Ration Card
  • Lease Agreement

Loan Amount & Security

• Minimum Loan Amount: ₹20,000
• Maximum Loan Amount: ₹50 lakh
• Loan Security: Pledge of gold ornaments or gold coins sold by banks, duly verified for quality and quantity

Repayment Options

SBI offers flexible repayment options for gold loans:

• EMI-Based Repayment: Fixed monthly installments over the loan tenure
• Bullet Repayment: Principal and interest are repaid at the end of the loan tenure, with options for 3, 6, or 12 months

Charges & Fees

• Processing Fee: Up to 0.50% of the loan amount
• Gold Appraiser Charges: Applicable as decided by the bank
• Prepayment Penalty: Nil

Key Considerations Before Applying

• Gold Quality: Only gold ornaments and coins sold by banks are accepted as collateral.
• Loan Terms: Review the loan agreement carefully before signing to understand all terms and conditions.
• Gold Security: Failure to repay the loan may result in the forfeiture of your pledged gold.

Benefits of SBI Gold Loan

• Quick Loan Approval: Fast disbursal, often within a few hours
• Attractive Interest Rates: Starting from 9.00% p.a.
• High Loan Value: Loan up to 75% of the pledged gold’s market value, depending on the repayment scheme
• Flexible Repayment: Choose between EMI and bullet repayment options
• No Guarantor Required: The pledged gold itself serves as collateral

Contact SBI

• Customer Care Number: 1800 11 2211