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SBI Gold Loan Per Gram

SBI Gold Loan Calculator

Last Updated 15th Jan 2021
Eligibility Criteria SBI Gold Loan
Gold Loan per gram ₹ 2,656 to ₹ 3,246 depending on the purity of gold
Age of Borrower 21 - 65 years
Maximum Loan Amount ₹ 20 Lakh
Maximum Loan to Gold Value Ratio Up to 75%
Purity of Eligible gold 18 carat to 22 carat gold
Maximum Loan Tenure 36 months
Lowest EMI Per Lakh ₹ 3,111
Apply for Gold Loan @ 9.90%* Get upto ₹ 500* Cashback

SBI Gold Loan Per Gram

SBI gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get loan on the basis of the purity and gold price of your jewelry adjusted for loan to value ratio.
As per the latest gold prices, SBI offers a gold loan per gram of ₹ 2,656 to ₹ 3,246. Highest SBI gold loan rate per gram today is ₹ 3,246 for 22 carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of last 30 days in 2021 is ₹ 4,808 of 22 carat.

Gold Loan Calculator SBI

MyLoanCare’ s SBI Gold Loan Calculator gives you an estimate of the amount of gold loan you can avail basis the following factors.

  • Purity and net weight of gold used in jewelry: The bank will use their in-house valuer to assess the purity and net weight of gold in your jewelry. Gold used in the jewelry should be of a purity of 18 to 24 carats. SBI will also reduce the weight of gems and stones from the jewelry to calculate the net weight of jewelry. The valuer will give his findings in writing.
  • Price of gold: Once the valuer estimates the purity and net weight of gold in your jewelry, SBI will multiply it with the price of gold to calculate the value of gold. RBI has instructed banks to apply the past 30 days average price of 22 carat gold adjusted for purity of gold. So, if the gold is of 20 carat purity, SBI will apply the 30 days average of 22 carat gold multiplied by a factor of 20/22 to adjust the value of gold.You can also check today's gold rate at MyLoanCare.
  • Loan to Value Ratio: Once the value of jewelry is calculated, SBI will apply a LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, SBI may offer you a lower interest rate.

SBI Gold Loan Rate Per Gram by Gold Purity

The following table gives an approximate estimate of gold loan per gram SBI will offer against gold jewelry of different purity levels at a maximum LTV of 75% and lower LTV of 65%.

Gold Purity Gold rate per gram- average of past 30 days SBI best Gold Loan per gram SBI lowest Gold Loan per gram
22 carat₹ 48,085₹ 3,246₹ 2,813
20 carat₹ 43,713₹ 3,246₹ 2,557
18 carat₹ 39,342₹ 2,656₹ 2,302

The above table shows the method by which SBI Bank will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram in SBI Bank offer for 22 carat jewelry will be between ₹ 2,813 to ₹ 3,246
  • SBI Bank gold loan per gram offer for 20 carat jewelry will be between ₹ 2,557 to ₹ 3,246
  • Gold loan per gram offer of SBI Bank for 18 carat jewelry will be between ₹ 2,302 ₹ 2,656

Tips to Get Best Gold Loan Amount Per Gram from SBI

  • SBI accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get highest gold loan per gram for hallmark jewelry, as it reduces the chances of under-valuation by the valuer. Also, some banks charge a lower processing fees on hallmarked gold jewelry.
  • SBI adjusts the price of 22 carat gold for purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for gold loan.
  • SBI will calculate the net weight of jewelry to calculate the amount of loan against gold you can get. Always, try to choose jewelry which has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from total weight of jewelry. SBI will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in lower amount of jewel loan you can are eligible to get Further, SBI will not accept diamond jewelry if the gold used is of less than 18 carat purity. Most of the diamond jewelry is made in 16 carat to 18 carat gold and hence, will result in very low gold loan per gram.
  • Always try to get the maximum LTV on the value of gold. SBI is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr. A and his two friends Mr. B and Mr. C own different amounts of gold with varying purity. Mr. A has 50 gram of gold with a purity of 22 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 70 grams of gold with a purity or 22 carat. They approach SBI to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.

Carats / Weight of gold Gold Weight (in gm) Purity of Gold (in carat) Gold Loan Eligibility
Mr. A 50 22 ₹ 2.15 Lakh
Mr. B 60 20 ₹ 2.35 Lakh
Mr. C 70 18 ₹ 2.47 Lakh

As noted in the illustration above, despite having the highest weight of gold, SBI will offer the lowest gold loan rate of ₹ 2.15 Lakh due to lower purity of gold at 22 carat.

In the same illustration, SBI will offer the highest gold loan amount to Mr. A at ₹ 2.47 Lakh, despite having the lowest weight of gold. Hence, clearly one can improve the gold loan amount eligibility from SBI by opting to pledge a high purity gold jewelry.

Other Loan Calculators

FAQs

What is the age limit required for gold loan from SBI?

The minimum age should be 21 years and maximum age should be up to 65 years.

What is the maximum loan amount that I can avail on gold loan from SBI?

The maximum loan that you can avail is up to 75% of the market value of the gold depending on the quality of the gold.

What is the loan tenure of SBI gold loan?

SBI gives gold loan to the applicants for a maximum tenure of 36 months. So, the borrower should be sure about the repayment capacity of the loan.

What kind of gold items are accepted and rejected as a security?

Gold ornaments with carats in the range of 18 to 24 and weight of more than 50 grams are accepted by SBI. SBI does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

How much processing fee is applicable in SBI gold loan?

SBI charges a processing fee of 0.50% of the loan amount, minimum Rs. 500 on gold loan.


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SBI Gold Loan News - Jan 2021
  • 2020-12-10 : SBI recasts only 4,000 retail loans
    SBI has recast loans of just around 4,000 retail customers so far under the limited window of the RBI, indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. The bank clarified that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI.
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-10-03 : SBI slashes gold loan interest rates
    State Bank of India has reduced the interest rate on gold loan. Earlier, the lender was providing gold loan at 7.75% now the interest rate has come to 7.50%. A loan can be taken for up to Rs 50 lakh by keeping gold asset as collateral.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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