Check latest gold loan interest rates, emi calculator, lowest emi, processing fee, eligibility, tenure. State Bank of India any eligible individual is able to get financial assistance up to an amount of Rs 20 lacs in exchange of your gold. Ornaments or gold coins sold by the bank. This process of accessing loan is easy as well as instantaneous.
Table of Contents
SBI Gold Loan Details
|Loan Amount||Rs 20,000/- to Rs 20lacs/-|
|Emi Per Lakh||Rs. 3779/-|
Features of SBI Gold Loan
|Minimum Loan Amount||The minimum loan amount is Rs 10,000|
|Maximum Loan Amount||The maximum loan amount is up to Rs 20 lacs|
|Margin||A market price of gold is to be maintained up to a margin of 25%|
|Repayment Period||· Demand Loan – The maximum period for demand loan is 30 months
· Overdraft – The period fro overdraft is 36 months
|Repayment Mode||The repayment of the principal amount and the interest is to be repaid from the month following the month of disbursement|
|Security||Pledge of the gold ornaments|
|Processing Fees||A) BIS hallmarked jewelleries
· Processing fee of 0.50% is cahrged of the loan amount along with service tax.which is subjected to a minimum of Rs 250 and a maximum of Rs 500.
B) Non-hallmarked jewelleries
· Up to Rs 25,000 : Rs 250 per application along with service tax.
· Above Rs 25,000 : 0.50% of loan amount along with service tax of Rs 500 and applicavble service tax whichever is higher.
Eligibility Criteria For SBI Gold Loan
- Age should be above 21 years
- Bank employees, Pensioners are also can enable this scheme.
- Salaried Employees
- Self-employed businessman
Documents Required For SBI Gold Loan
- Identity Proof
- Address Proof
- 2 recent passport size photograph
- Application form for gold loan.
Terms and Condition
- The loan amount in exchange of gold must be paid in a Equated Monthly Installments(EMI).
- There is no pre-payment or pre-closure charges.
- Loan up to an amount of Rs 25,000 Penal Interest is not charged.