SBI Gold Loan

SBI Gold Loan Interest Rate Feb 2017

Last Updated 21st Feb 2017
Interest Rate 11.05% Check Special Offer
Repayment Options EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme
Loan Tenure 3 months to 30 months
Minimum and Maximum 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 1022
Prepayment Charges Nil
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SBI Gold Loan Interest Rate Calculator

SBI offers gold loan to the customers who have urgent need of money. Gold loan to be offered by SBI has many features like:
  • Extremely low interest rates with no hidden charges
  • Offers long tenure loans of up to 30 months
  • No income proof required and provides convenient repayment schedule

Gold Loan SBI

Gold loan interest rates offered by SBI are fixed as well as floating
  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in SBI benchmark rate and should be chosen only if you believe that the rates will not hike in future
  • In contrast to this are floating rates which changes with a single change in SBI benchmark rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
SBI Gold Loan Rates depends upon
  • Loan amount: Gold loan rate in SBI depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate

Gold Loan Charges

Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of gold loan with Nil prepayment charges
Processing Fee- SBI asks for a processing fee of 0.51-1.01% of the loan amount subject to a maximum of Rs 1022 with applicable service tax
Penal Interest- SBI charges a penal interest of 0.00% per month if you don’t pay the EMI on the due date decided by the bank

SBI Gold Loan EMI Calculator

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. 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

SBI Gold Loan Eligibility Calculator

Gold loan eligibility criteria SBI

Eligibility of Gold loan in SBI depends upon multiple factors:-
  • 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 gold 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 gold 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 gold 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.
Estimated eligibility online by using Gold Loan Eligibility Calculator

Popular Products

SBI offers you following gold loan schemes
  • SBI Personal Gold Loan
  • SBI Personal Gold Loan- Bullet Repayment
  • Multi Purpose Agri Gold Loan

Gold Loan SBI documents required

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: Passport, Driving License, PAN Card, Aadhar Card, Voter’s ID Card
  • Address proof: Aadhar Card, Voter’s ID Card bank statement, rent agreement, utility bills, registry copy

Frequently Asked Questions

What is the maximum loan tenure I can opt under SBI jewel loan?

SBI offers you tenure of upto 30 months to repay your gold loan.

Can I prepay my gold loan? What are the charges applicable?

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

What is the maximum gold loan amount available?

You can avail gold loan up to Rs. 2,000,000 from SBI

Compare SBI Gold Loan

SBI Gold Loan in India

SBI Gold Loan News - Feb 2017
21st Feb 17 State Bank of Travancore plans to raise Rs. 600 crore via Basel Compliment bonds
State Bank of Travancore, an associate bank of SBI, plans to raise funds worth Rs. 600 crore via Basel Compliment bonds on a private placement basis. The bank plans to raise the funds after its proposed merger with its parent bank State Bank of India.
16th Feb 17 SBI takes lead of blockchain to use it to prevent fraud
State Bank of India has taken the lead in bringing lenders and tech companies for using block chain technology to share information between the banks which will eventually help in preventing fraud and tackle bad loans. The initiative is taken in partnership with IBM, KPMG, Microsoft and 10 commercial banks. Blockchain, technology behind cyber currency Bitcoin, runs on a concept of centralised registry that can be accessed by all members. The bank proposes to use the technology for trading finance and loan documents at initial stage and will gradually expand to other operations.
16th Feb 17 SBI gets approval for merger with 5 associate banks
State Bank of India got final approval from Union Cabinet on the merger with its five associate banks including State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala and State Bank of Tranvcore. The merger proposal was announced in May 2016 and was scheduled for March 2017.
11th Feb 17 SBI registers 134 percent growth in its net profit in third quarter of FY17
State Bank of India has reported a growth of 134 percent in its net profit at Rs. 2,610 crore during third quarter of FY17 as compared to Rs. 1,115 crore for the corresponding period a year ago. The bank also registered a decent growth of 7.6 percent in its net interest income reported at Rs. 14,751 crore during the quarter. However, asset quality of the bank remained stable during the quarter with the share of gross non-performing assets at 7.23 percent on year on year basis as compared to 7.14 percent earlier.
10th Feb 17 SBI to announce Q3 results on 10th Feb, 2017
State Bank of India is scheduled to announce its results for third quarter of FY17. The bank is likely to see a decent growth of 10 and 15 percent in its corporate loan book and deposits respectively. The bank also anticipate an improvement in its net interest margin reported at 2.8 percent for the third quarter of FY16.
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