SBI Gold Loan Interest Rate | Process, Eligibility | State Bank Of India Gold Loan

SBI Gold Loan Interest Rate

State Bank of India offers a gold loan; it is a type of loan where one can easily avail the loan by pledges their gold ornaments. The loan is available at the low-interest rate and has less documentation. Currently, the SBI Gold loan interest rate is 9.95% for rural gold loan, 8.40% for realty gold loan, and 9.15% for all variants. Any individuals who have age 18 years or above can apply for the State Bank of India Gold Loan. Read the complete details of the article and check the Process, Eligibility, and other features.

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SBI Gold Loan Interest Rate

Interest Rate

  • For All variants- 9.15% (1.25% above the MCLR 01 year)
  • For Realty Gold loan- 8.40%
  • For Rural gold loan- 9.95%

Loan amount

  • Persons can apply for the loan of Rs 20,000 to Rs 20 lakh

Processing fees

  • Individuals have to pay 0.50% of the loan amount plus the applicable Goods and Services Tax (GST).

Repayment Period

  • Gold loan & Liquid gold loan- 36 months
  • Bullet repayment gold loan- 12 months
  • Multipurpose gold loan (Rural)-12 months with overdraft valid for 03 years

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SBI Gold Loan-Features

  • The individual can avail the loan on the gold up to 75% of the market value of gold.
  • The gold deposited for the loan must be over 18 Karat quality
  • Proposals realty gold loan which is solely meant for SBI housing loan individuals

Types Of SBI Gold Loan Plans

There are 03 types of gold loan scheme that are gold loan, realty gold loan, and multi-purpose gold loan. Let’s discuss all.

Gold Loan

 Any individuals who have gold and have a regular source of income can take the gold loan by pledging their gold.

Realty Gold loan

This loan can be availed by the SBI housing loan customers.

Multi-Purpose gold loan

This scheme is developed and created for individuals who are involved in agriculture activities. The motive for the scheme is to promote agriculture activities.

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Documents Required For Gold loan

  • Valid Identity proof (Aadhaar card, PAN card, Passport)
  • Address Proof (Aadhaar card, rent agreement, electricity bill)
  • Two recent passport photographs

Process To Apply For SBI Gold Loan

  • Visit the nearest Brach of the SBI
  • Meet the executive and tell them that you want to avail gold loan
  • Fill the application form for the gold loan
  • Submit the application form
  • Verify your gold.
  • After additional formalities bank will keep your gold with it, and you will get the loan.
  • The loan amount will be transferred to your account only.

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How To Close SBI Gold Loan Account?

You can easily close your account by paying the interest and the principal amount. After paying the amount and all the dues, your gold ornaments will be returned to you after basic formalities.

SBI Customer Care (gold loan)

  • Toll-free Number- 1800-11-2211/080-26599990
  • SMS- Type UNHAPPY send it to 8008202020

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Munendra Singh

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