SBI Gold Loan: Rates, Features & Benefits

SBI Gold Loan: Rates, Features & Benefits

SBI Gold Loan Interest Rate

State Bank of India (SBI) is considered one of the best banks to obtain a gold loan. The interest rate for SBI gold loans starts at 8% per annum for both Personal Gold Loans and Realty Gold Loans. Regardless of the loan amount, the SBI gold loan interest rate is fixed at 0.30% above the 1-year Marginal Cost of Funds Based Lending Rate (MCLR) of the bank, which is currently 7.70% as of September 15, 2022.

Current SBI Gold Loan Interest Rate

Below are the details of the current SBI gold loan interest rates, effective from August 15, 2022:

  • SBI Personal Gold Loan

SBI gold loan interest rate for any loan amount: 0.30% above the 1-year MCLR (7.70%)

Scheme

1 Year MCLR

Spread Over 1 Year MCLR

Effective Rate of Interest

Personal Gold Loan (all variants)

7.70%

0.30%

8% per annum

SBI Realty Gold Loan

SBI gold loan interest rate for any loan amount: 0.30% above the 1-year MCLR (7.70%)

Scheme

1 Year MCLR

Spread Over 1 Year MCLR

Effective Rate of Interest

Realty Gold Loan (all variants)

7.70%

0.30%

8% per annum

Compare SBI Gold Loan Interest Rates from Other Lenders

Here is a comparison of SBI gold loan interest rates with other lenders. It is advisable to check the interest rates offered by different lenders before applying for a gold loan in order to find the best option available in India.

Bank Rate of Interest (p.a.) Processing Fee

SBI Gold Loan 8% Nil until January 31, 2023

Federal Bank Gold Loan 8.49% onwards Up to 0.80%

Bank of India Gold Loan 7.25% - 8.90% Up to Rs. 125 per lakh; Maximum Rs. 1,000

Bajaj Finserv Gold Loan 10% - 28% Rs. 75 (inclusive of applicable taxes)

Bank of Baroda Gold Loan 9.20% - 9.30% Up to 0.50% + GST

Canara Bank Gold Loan 13% onwards 1%

HDFC Bank Gold Loan 7.60% - 16.81% 1%

Indian Bank Gold Loan 8.25% onwards 0.50%

ICICI Bank Gold Loan 10% - 17.95% 1%

Kotak Mahindra Bank Gold Loan 8% - 17% Up to 2% + GST

Axis Bank Gold Loan 17% - 19% Up to 0.50%

Features of SBI Gold Loan

The main features of SBI gold loans are as follows:

State Bank of India offers gold loans by accepting gold ornaments, including gold coins sold by banks, with minimal paperwork and a low gold loan interest rate.

The loan amount available for SBI gold loans ranges from a minimum of Rs. 20,000 to a maximum of Rs. 50 Lakhs.

The margin requirements are as follows:

Gold Loan: 25%

Liquid Gold Loan: 25%

Bullet Repayment Gold Loan: 35%

The borrower must pledge their gold ornaments as collateral, which will be duly verified for quality and quantity.

The processing fee for SBI gold loans is waived until January 31, 2023, under the Festive Period offer.

The SBI jewel loan interest rate is 0.30% above the 1-year MCLR, currently 7.30%, for any loan amount. The current interest rate is 8% per annum.

The applicant is also responsible for paying the gold appraiser charges.

Margin:

SBI Realty EMI Gold Loan: 25%

SBI Realty Liquid Gold Loan (Overdraft): 25%

SBI Realty Bullet Repayment Gold Loan: 35%

Repayment tenure: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan.

Repayment mode:

Gold Loan EMI Based: Under this mode, the repayment of principal and interest begins from the month following the disbursement month.

Liquid Gold Loan: It is an overdraft account with a transaction facility, and monthly SBI gold loan interest has to be paid.

Bullet Repayment Gold Loan: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan. Drawing power may change according to the current market price of gold within the sanctioned limit.

Types of Gold Loans Offered by SBI Bank

SBI offers the following two types of gold loans:

SBI Personal Gold Loan

Minimum loan amount: Rs. 20,000.

Maximum loan amount: Rs. 50 Lakhs.

Margin: 25% to 35%.

Security: Pledge of gold ornaments verified for quality and quantity.

State Bank of India gold loan interest rate: 8% per annum.

Processing fees: Nil until January 31, 2023.

SBI gold loan eligibility: Any individual (singly or jointly) aged 18 years and above with a steady source of income, including the bank’s employees and pensioners. No income proof is required.

Repayment mode: Gold Loan EMI Based, Liquid Gold Loan, and Bullet Repayment Gold Loan. The repayment must be completed within the loan term or upon the closure of the account.

Repayment tenure: 12 to 36 months.

SBI Realty Gold Loan

  • Minimum loan amount: Rs. 50,000.

  • Maximum loan amount: Rs. 50 Lakhs.

  • Margin: 25% to 35%.

  • Security: Pledge of gold ornaments verified for quality and quantity.

  • SBI gold loan interest rate: 8% per annum.

  • Processing fees: Nil until January 31, 2023.

SBI gold loan eligibility: Existing as well as new housing loan borrowers of SBI aged 18 years and above can apply for this loan.

Repayment mode: SBI Realty EMI Gold Loan, SBI Realty Liquid Gold Loan, and SBI Realty Bullet Repayment Gold Loan. The repayment must be completed within the loan term or upon the closure of the account.

Repayment tenure: 12 to 36 months.

Faster Processing

Gold loans are processed faster than other types of bank loans. Once the gold weight and purity are verified successfully, the loan amount is instantly processed to your bank account. You can apply online.

No Income Proof and Credit Score

Gold loans are instant secured loans. There is no need to provide income proof or undergo a credit score assessment. These loans are designed to provide emergency funds for situations like unemployment, business losses, or urgent cash shortages.

Low-Interest Rate

Gold loans are available at as low as 7.50% per annum. For shorter tenures, the effective interest rate can be even lower, at 0.62% per month. You can choose between no EMI or interest-only EMI with bullet repayment.

Gold Loan Per Gram Rate in SBI

The current SBI gold loan rate per gram ranges from Rs. 4,961 to Rs. 5,167. The rate per gram depends on various factors such as the current gold rate, rate of interest, repayment tenure, gold's purity and value, gold loan scheme, and more.

SBI Gold Loan Calculator

You can use our SBI bank gold loan calculator to determine the amount you need to repay each month during the loan tenure for an SBI gold loan. Knowing your EMI in advance will help you plan your finances and reduce the chances of defaulting on your loan.

Follow the steps below to use the gold loan calculator:

Visit the Gold Loan EMI Calculator page.

Enter the desired loan amount, SBI gold loan interest rate, and repayment tenure.

Once you enter all the required details, the Equated Monthly Instalment (EMI) amount will be displayed on the screen.

You can use this calculator multiple times at no cost to compare different gold loan offers and find the best one for you.

SBI Gold Loan Fees & Charges

The following charges are applicable for SBI gold loans:

Interest rate: SBI gold loan interest rates start at 8% per annum, which is one of the lowest rates available. The interest rate is linked to the bank's 1-year MCLR, currently at 7.70%.

Processing fee: Currently, the processing fee for SBI gold loans is waived until January 31, 2023, under the Festive Period offer. Otherwise, it is 0.25% of the sanctioned loan amount, subject to a minimum of Rs. 250 + applicable GST. If you apply for the loan through the YONO mobile app, no processing fee is charged.

Gold appraiser charges: In addition to the SBI bank gold loan interest rate and processing charges, you will also need to pay gold appraiser charges. These will be provided at the time of application.

Documents Required for SBI Gold Loan

The following documents are required for a gold loan at SBI:

Documents required to apply for the loan

  • Gold Loan application with 2 copies of photographs

  • Proof of identity and address

  • Witness Letter in case of illiterate borrowers

  • Documents required at the time of disbursement

  • DP Note & DP Note Take Delivery Letter

  • Gold Ornaments Take Delivery Letter

  • Arrangement Letter

How to Apply for a Gold Loan in SBI Bank?

You can easily apply for an SBI gold loan online through our website by following these steps:

  • Fill in the online application form by providing all the required details, including your name, phone number, email id, required loan amount, address, etc.

  • Tick the checkboxes.

  • Click on the ‘Let's Go’ button to complete your application.

  • The best gold loan offers that match your eligibility will be displayed on your screen.

  • Choose the offer that suits your requirements.

  • Our gold loan experts will contact you soon.

  • You can also apply for an SBI gold loan through any of the following options:

  • Visit the official website of SBI and fill out the gold loan application form online on the Gold Loan page.

  • Call 1800 11 2211 for information about the SBI gold loan application process.

  • Give a missed call on 7208933143 and SBI's Contact Centre will call you back.

  • You can also SMS “GOLD” to 7208933145 and SBI's Contact Centre will call you back.

SBI Gold Loan Interest Rate

State Bank of India (SBI) is considered one of the best banks to obtain a gold loan. The interest rate for SBI gold loans starts at 8% per annum for both Personal Gold Loans and Realty Gold Loans. Regardless of the loan amount, the SBI gold loan interest rate is fixed at 0.30% above the 1-year Marginal Cost of Funds Based Lending Rate (MCLR) of the bank, which is currently 7.70% as of September 15, 2022.

Current SBI Gold Loan Interest Rate

Below are the details of the current SBI gold loan interest rates, effective from August 15, 2022:

  • SBI Personal Gold Loan

SBI gold loan interest rate for any loan amount: 0.30% above the 1-year MCLR (7.70%)

Scheme

1 Year MCLR

Spread Over 1 Year MCLR

Effective Rate of Interest

Personal Gold Loan (all variants)

7.70%

0.30%

8% per annum

SBI Realty Gold Loan

SBI gold loan interest rate for any loan amount: 0.30% above the 1-year MCLR (7.70%)

Scheme

1 Year MCLR

Spread Over 1 Year MCLR

Effective Rate of Interest

Realty Gold Loan (all variants)

7.70%

0.30%

8% per annum

Compare SBI Gold Loan Interest Rates from Other Lenders

Here is a comparison of SBI gold loan interest rates with other lenders. It is advisable to check the interest rates offered by different lenders before applying for a gold loan in order to find the best option available in India.

Bank Rate of Interest (p.a.) Processing Fee

SBI Gold Loan 8% Nil until January 31, 2023

Federal Bank Gold Loan 8.49% onwards Up to 0.80%

Bank of India Gold Loan 7.25% - 8.90% Up to Rs. 125 per lakh; Maximum Rs. 1,000

Bajaj Finserv Gold Loan 10% - 28% Rs. 75 (inclusive of applicable taxes)

Bank of Baroda Gold Loan 9.20% - 9.30% Up to 0.50% + GST

Canara Bank Gold Loan 13% onwards 1%

HDFC Bank Gold Loan 7.60% - 16.81% 1%

Indian Bank Gold Loan 8.25% onwards 0.50%

ICICI Bank Gold Loan 10% - 17.95% 1%

Kotak Mahindra Bank Gold Loan 8% - 17% Up to 2% + GST

Axis Bank Gold Loan 17% - 19% Up to 0.50%

Features of SBI Gold Loan

The main features of SBI gold loans are as follows:

State Bank of India offers gold loans by accepting gold ornaments, including gold coins sold by banks, with minimal paperwork and a low gold loan interest rate.

The loan amount available for SBI gold loans ranges from a minimum of Rs. 20,000 to a maximum of Rs. 50 Lakhs.

The margin requirements are as follows:

Gold Loan: 25%

Liquid Gold Loan: 25%

Bullet Repayment Gold Loan: 35%

The borrower must pledge their gold ornaments as collateral, which will be duly verified for quality and quantity.

The processing fee for SBI gold loans is waived until January 31, 2023, under the Festive Period offer.

The SBI jewel loan interest rate is 0.30% above the 1-year MCLR, currently 7.30%, for any loan amount. The current interest rate is 8% per annum.

The applicant is also responsible for paying the gold appraiser charges.

Margin:

SBI Realty EMI Gold Loan: 25%

SBI Realty Liquid Gold Loan (Overdraft): 25%

SBI Realty Bullet Repayment Gold Loan: 35%

Repayment tenure: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan.

Repayment mode:

Gold Loan EMI Based: Under this mode, the repayment of principal and interest begins from the month following the disbursement month.

Liquid Gold Loan: It is an overdraft account with a transaction facility, and monthly SBI gold loan interest has to be paid.

Bullet Repayment Gold Loan: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan. Drawing power may change according to the current market price of gold within the sanctioned limit.

Types of Gold Loans Offered by SBI Bank

SBI offers the following two types of gold loans:

SBI Personal Gold Loan

Minimum loan amount: Rs. 20,000.

Maximum loan amount: Rs. 50 Lakhs.

Margin: 25% to 35%.

Security: Pledge of gold ornaments verified for quality and quantity.

State Bank of India gold loan interest rate: 8% per annum.

Processing fees: Nil until January 31, 2023.

SBI gold loan eligibility: Any individual (singly or jointly) aged 18 years and above with a steady source of income, including the bank’s employees and pensioners. No income proof is required.

Repayment mode: Gold Loan EMI Based, Liquid Gold Loan, and Bullet Repayment Gold Loan. The repayment must be completed within the loan term or upon the closure of the account.

Repayment tenure: 12 to 36 months.

SBI Realty Gold Loan

  • Minimum loan amount: Rs. 50,000.

  • Maximum loan amount: Rs. 50 Lakhs.

  • Margin: 25% to 35%.

  • Security: Pledge of gold ornaments verified for quality and quantity.

  • SBI gold loan interest rate: 8% per annum.

  • Processing fees: Nil until January 31, 2023.

SBI gold loan eligibility: Existing as well as new housing loan borrowers of SBI aged 18 years and above can apply for this loan.

Repayment mode: SBI Realty EMI Gold Loan, SBI Realty Liquid Gold Loan, and SBI Realty Bullet Repayment Gold Loan. The repayment must be completed within the loan term or upon the closure of the account.

Repayment tenure: 12 to 36 months.

Faster Processing

Gold loans are processed faster than other types of bank loans. Once the gold weight and purity are verified successfully, the loan amount is instantly processed to your bank account. You can apply online.

No Income Proof and Credit Score

Gold loans are instant secured loans. There is no need to provide income proof or undergo a credit score assessment. These loans are designed to provide emergency funds for situations like unemployment, business losses, or urgent cash shortages.

Low-Interest Rate

Gold loans are available at as low as 7.50% per annum. For shorter tenures, the effective interest rate can be even lower, at 0.62% per month. You can choose between no EMI or interest-only EMI with bullet repayment.

Gold Loan Per Gram Rate in SBI

The current SBI gold loan rate per gram ranges from Rs. 4,961 to Rs. 5,167. The rate per gram depends on various factors such as the current gold rate, rate of interest, repayment tenure, gold's purity and value, gold loan scheme, and more.

SBI Gold Loan Calculator

You can use our SBI bank gold loan calculator to determine the amount you need to repay each month during the loan tenure for an SBI gold loan. Knowing your EMI in advance will help you plan your finances and reduce the chances of defaulting on your loan.

Follow the steps below to use the gold loan calculator:

Visit the Gold Loan EMI Calculator page.

Enter the desired loan amount, SBI gold loan interest rate, and repayment tenure.

Once you enter all the required details, the Equated Monthly Instalment (EMI) amount will be displayed on the screen.

You can use this calculator multiple times at no cost to compare different gold loan offers and find the best one for you.

SBI Gold Loan Fees & Charges

The following charges are applicable for SBI gold loans:

Interest rate: SBI gold loan interest rates start at 8% per annum, which is one of the lowest rates available. The interest rate is linked to the bank's 1-year MCLR, currently at 7.70%.

Processing fee: Currently, the processing fee for SBI gold loans is waived until January 31, 2023, under the Festive Period offer. Otherwise, it is 0.25% of the sanctioned loan amount, subject to a minimum of Rs. 250 + applicable GST. If you apply for the loan through the YONO mobile app, no processing fee is charged.

Gold appraiser charges: In addition to the SBI bank gold loan interest rate and processing charges, you will also need to pay gold appraiser charges. These will be provided at the time of application.

Documents Required for SBI Gold Loan

The following documents are required for a gold loan at SBI:

Documents required to apply for the loan

  • Gold Loan application with 2 copies of photographs

  • Proof of identity and address

  • Witness Letter in case of illiterate borrowers

  • Documents required at the time of disbursement

  • DP Note & DP Note Take Delivery Letter

  • Gold Ornaments Take Delivery Letter

  • Arrangement Letter

How to Apply for a Gold Loan in SBI Bank?

You can easily apply for an SBI gold loan online through our website by following these steps:

  • Fill in the online application form by providing all the required details, including your name, phone number, email id, required loan amount, address, etc.

  • Tick the checkboxes.

  • Click on the ‘Let's Go’ button to complete your application.

  • The best gold loan offers that match your eligibility will be displayed on your screen.

  • Choose the offer that suits your requirements.

  • Our gold loan experts will contact you soon.

  • You can also apply for an SBI gold loan through any of the following options:

  • Visit the official website of SBI and fill out the gold loan application form online on the Gold Loan page.

  • Call 1800 11 2211 for information about the SBI gold loan application process.

  • Give a missed call on 7208933143 and SBI's Contact Centre will call you back.

  • You can also SMS “GOLD” to 7208933145 and SBI's Contact Centre will call you back.

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