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SBI Gold Loan Interest Rate

Last Updated 24th May 2017

SBI Gold Loan Interest Rates May 2017

Interest Rate 11.05% Check Best Offers
Repayment Options EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme
Loan Tenure 3 months to 30 months
Loan Amount Rs. 10,000 and Rs. 2,000,000
Processing Fee 0.51-1.01% of the loan amount subject to a maximum of Rs 1,022
Prepayment Charges Nil
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SBI Gold Loan

SBI Gold Loan Interest Rates Calculators

SBI Gold Loan Interest rate calculator works on various inputs like:

  • Loan Amount - Generally banks offer lower interest rates for higher amount. However, SBI offers loan between Rs. 10,000 and Rs. 2,000,000 amount.
  • Relationship with the Bank – SBI offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low SBI gold loan interest rate.
  • Repayment Capacity - Before giving loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
SBI Gold Loan Eligibility

Eligibility of gold loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing jewellery loan.
  • Gold loan rate per gram: SBI will value the jewelry based on price of 22 carat gold adjusted for purity. SBI use thirty days average rates of 22 carat gold prices. You can also check today gold rate at MyLoanCare.
  • Form of gold pledged: You can get loan from SBI against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
  • Purpose for which loan is used: You can use the gold loan from SBI for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Explore More: Gold Loan Eligibility Calculator
SBI Gold Loan EMI

Gold Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by SBI is Rs. 3,830 per lakh loan amount at lowest gold loan interest rate of 11.05%. Gold loan EMI of SBI depends upon:

  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 30 months gold loan from SBI at interest rate of 11.05% per annum, EMI will be Rs. 3,830 per Rs. one lakh loan amount. At interest rate of 11.05% for the same loan, the EMI will be Rs. 3,830
  • Loan tenure Longer the loan tenure, lesser your monthly EMI. At 11.05% per annum, the EMI would range from Rs. 33,949 to Rs. 3,830 for loan tenure ranging from 3 months to 30 months

Documents Required for SBI Gold Loan

The documentation process of SBI is smooth. Here is a list of documents which are required to apply for home loan from SBI:

  • Identity proof: PAN Card, Driving License, Passport, Driving License, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Registry Copy

Compare Gold Loan Interest Rates of SBI with other banks

Frequently Asked Questions on SBI Gold Loan

How much interest is charged by SBI on gold loan?

SBI gold loan interest rates today are 11.05% to 11.05%.

What is the lowest EMI per lakh on SBI gold loan?

If you apply for loan against gold from SBI, your lowest EMI per lakh will be Rs. 3,830.

What is the minimum and maximum tenure of SBI jewel loan?

You can repay your jewel loan from SBI in a flexible period of minimum 3 months to maximum 30 months.

How much gold loan amount I can borrow from SBI?

SBI offers you loan against gold if you need a minimum amount of Rs. 10,000 to a maximum amount of Rs. 2,000,000.

How much processing fee is charged by SBI on jewel loan?

SBI charges a processing fee on gold loan- 0.51-1.01% of the loan amount subject to a maximum of Rs 1,022.

Are there any prepayment charges on gold loan?

Yes, you can prepay your jewel loan. Applicable prepayment charges - Nil.

Know More about Gold Loan
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SBI Gold Loan News - May 2017
  • 2017-03-30 : Limit of quick cash against gold restricted to Rs. 10,000 per day
    Government has amended finance bill and reduced the cash limit for sale against gold to Rs. 10,000 per person per day from Rs. 20,000 earlier. As per SBI Bank, government has decided to limit the cash against sale of gold to scrutinise the multiple invoices generated by gold traders dealing in the purchase of gold. Earlier, government had restricted cash against gold loans to Rs. 20,000 from Rs. 1 lakh to increase the acceptance of digitisation.
  • 2017-03-29 : Indian gold jewelry exports down 47 percent in February, 2017
    Exports of gold jewellery from India have dropped by more than 24 percent in January and 47 percent in February 2017. The gold exports have been adversely impacted due to the 10 percent import duty levied on imported gold used for making jewellery and 5 percent import duty levied by UAE on import of gold jewellery from India. According to SBI, people manufacturing gold jewellery are migrating from India to UAE due to loss of business arising from the declining exports.
*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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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