SBI Gold Loan Detail :- Today the trend of gold loan is increasing very fast. Because gold loan is considered the safest. But not everyone is aware of how to take a gold loan, and what is the interest charged on this loan, eligibility etc. Often, due to lack of this information, many people are not able to take a gold loan. But now if you also want to take SBI Gold Loan, but you do not have information about it, then there is no need to worry at all
Because today in this article we will tell you how to take SBI Gold Loan? We are going to give complete information about it. So Friends, if you want to take it for any of your needs like building a house, marriage, education, medical or any other work. So stay till the end of this article. So let us know
What Is SBI Gold Loan
What is Gold loan? This has become a question for every person today who wants to buy gold when needed? Of course, if you are on this article of ours then you would also want to know about this loan? If yes then let us tell you that Gold Loan is one such facility provided by the bank. In which banks provide you money in the form of loan in exchange for gold.
If you understand in simple words, if you have gold then you can get loan (money) by mortgaging it with the bank. Then when you repay the loan amount taken from the bank, your gold will be returned to you by the bank. If the loan amount is not repaid, your gold is kept in the bank locker as security. You can take SBI Gold Loan to fulfill your needs like construction of house, marriage, medical, education etc. To know more, stay tuned till the end of the article –
Types of Gold Loan
SBI Bank provides 3 types of loans to the customers according to the quantity and tenure of gold. Which are mentioned below in Dettol
In gold loan, the bank provides a loan of 75% of the amount according to the value of gold to the customer. But let us tell you that in this loan the customer has to pay the principal amount and interest every month. The maximum tenure of this loan is 36 months.
Bullet Repayment Gold Loan
Bullet Repayment Loan is for a maximum period of 12 months. In which the principal amount and interest have to be deposited at the end of the loan tenure. On this loan, loan amount of 65% of the price of gold is provided.
Liguid Gold Loan
The maximum tenure of this loan is 36 months. If you take that loan then you are given a loan of 75% of the value of the gold. And you will have to pay the interest rate of the loan amount every month.
SBI Gold Loan Detail
|interest rate||8.40% – 9.15%|
|processing fee||0.50% of the Loan amount + applicable GST, minimum Rs.500/-+ applicable GST|
|loan period||2.5 years|
|Minimum Loan Amount||₹20,000|
|Maximum Loan Amount||50 lakh rupees|
Features of SBI Gold Loan-
- You can take gold loan ranging from Rs 20 thousand to Rs 50 lakh from SBI Bank.
- State Bank of India is the largest public sector bank, hence you can get this loan from this bank without any risk.
- You can get a gold loan from this bank at very low cost.
- For SBI Gold Loan 2023, you will not have to submit bank documents.
Documents required to take SBI Gold Loan –
To take any loan, some necessary documents are required. Similarly, if you take gold loan from State Bank India Bank. So it is mandatory for you to have some important documents. Which are as follows –
- Application form (which can be obtained from the bank)
- As identity proof, it is necessary to have any one of Aadhar Card, Identity Card, PAN Card.
- One of electricity bill, water bill etc for address proof
- passport photo
- mobile number
How to take SBI Gold Loan
Taking gold from State Bank of India is very safe and simple. You can apply SBI Gold by following some steps. The rest of the process of applying for this loan is explained step by step below –
Go to bank branch –
To take gold loan from State Bank of India, you will first have to go to SBI Bank.
You have to get the application form related to gold from the concerned bank employee. The gold loan form will be something like this. As you can see here.