SBI Gold Loan: Interest Rate, Features, Eligibility, and Processing Charges

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There are numerous choices to maintain a brief money crunch or tide over a monetary emergency. These choices embrace taking a private mortgage, mortgage towards gold and so on. India’s largest lender State Financial institution of India additionally affords loans towards gold. On this publish, I’ll let you know all you should learn about SBI Gold Mortgage Curiosity Fee, Options, Eligibility, and Processing Costs.

SBI Gold Mortgage Scheme

You may get State Financial institution of India gold mortgage rapidly with minimal paperwork in case you are going through a monetary disaster. This mortgage may be availed by pledging of gold ornaments together with gold cash offered by banks with low rate of interest.

State Financial institution of India Curiosity Charges on Gold Loans: As per a tweet by SBI Financial institution, you’ll be able to apply for a gold mortgage with SBI at an rate of interest of seven.50% and nil processing charges.

State Financial institution of India
@TheOfficialSBI

Right here is all you should know earlier than taking the gold mortgage from SBI.

Key Options of the scheme

Following are the important thing options of this scheme.

1. Most Mortgage Quantity: Rs.50 lakhs

2. Minimal Mortgage Quantity: Rs.20,000

3. Margin

Gold Mortgage: 25%

Liquid Gold Mortgage: 25%

Bullet Compensation Gold Mortgage: 35%

4. Safety: Pledge of gold ornaments duly verified for high quality and amount.

5. SBI Gold Mortgage Processing Charge: A price of 0.25% of the mortgage quantity plus GST, Minimal Rs.250 plus GST and nil if utilized by YONO app.

6. SBI Financial institution Gold Mortgage Curiosity Fee: 0.50% above the MCLR-1yr is relevant for any mortgage quantity.

7. Others: Gold appraiser expenses will likely be paid by the Applicant.

8. No hidden price / administrative expenses.

9. Minimal documentations – one thing that you simply had at all times wished.

10. No reimbursement penalties.

Eligibility Standards

1. Age – The applicant needs to be 18 years outdated or above as a way to qualify for this scheme.

2. Earnings – The person (singly or collectively) with a gentle supply of revenue together with financial institution workers and pensioners. No proof of revenue required.

SBI Gold Mortgage Curiosity Fee 2021

The SBI gold mortgage fee of curiosity 2021 throughout varied schemes is given beneath:

SBI Gold Mortgage Curiosity Charges 2021
Mortgage Scheme One yr MCLR Unfold over one yr MCLR Efficient Curiosity Fee
Gold Mortgage (all variants) 7.00% 0.50% 7.50%
Realty Gold Mortgage – A Gold Mortgage Product solely for SBI Housing Mortgage Prospects (all variants) 7.00% 0.30% 7.30%

SBI Gold Mortgage Per Gram 2021Mortgage Compensation Mode

1. Gold Mortgage: The reimbursement of principal quantity and curiosity will begin from the month following the month of mortgage disbursement.

2. Liquid Gold Mortgage: The overdraft account with transaction facility and month-to-month curiosity is to be served.

3. Bullet Compensation Gold Mortgage: On or earlier than the time period of the mortgage/ on closure of account.

Compensation Interval

The utmost reimbursement interval for the gold mortgage and the liquid gold mortgage is 3 years. The utmost interval for bullet reimbursement gold mortgage is one yr.

Paperwork required

For SBI Gold Mortgage apply

1. Software for the mortgage

2. Two passport measurement pictures

3. Proof of Identification with proof of Handle

4. Witness letter in case of illiterate debtors

Time of Disbursement

1. DP be aware and DP Be aware Take Supply Letter

2. Gold Ornaments Take Supply Letter

3. Association Letter

The way to apply for SBI Gold Mortgage?

You possibly can apply for this mortgage straight by SBI department walk-in or by filling a web based utility kind. Click on right here to fill on-line utility kind. You possibly can dial SBI gold mortgage toll free quantity 1800-11-2211 for extra info/ making use of by SBI contact centre. To get a name again from SBI contact centre, you may also give a missed name on 7208933143 or ship SMS “GOLD” on 7208933145. Click on right here to search out SBI gold mortgage department close to me.

Monitor SBI Gold Mortgage Standing

Click on right here to trace your on-line utility standing.

Closing Ideas

You may get SBI gold mortgage rapidly with minimal paperwork in case you are going through a monetary disaster. The appliance course of for getting this mortgage is straightforward and doesn’t require a lot time. You possibly can avail this mortgage by pledging of gold ornaments together with gold cash offered by banks with low rate of interest.

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