SBI Gold Loan

SBI Gold Loan Interest Rate Jan 2017

Last Updated 17th Jan 2017
Interest Rate 11.05%
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 - Jan 2017
12th Jan 17 SBI to provide 12, 000 card swipe machines in Jharkhand by March, 2017
State Bank of India has announced that it will provide 12, 000 card swiping machines (Point of Sales) in its Patna circle covering Bihar and Jharkhand by March 2017. The move will enable customers to shift from cash transactions to digital transactions.
02nd Jan 17 SBI reduces MCLR by 90 basis points
State Bank of India has reduced its overnight and one month marginal cost of lending rates by 90 basis points to 7.75 percent and 7.85 percent as compared to 8.65 and 8.75 percent respectively. Similarly, lending rates for 6 months and one year now stands at 7.95 and 8 percent. The revised MCLR for three year is reduced to 8.15 percent as compared to 9.05 percent earlier. The rates are effective from 1st January, 2017.
19th Dec 16 SBI launches State Bank MobiCash, a mobile wallet application
SBI unveiled a mobile wallet application State Bank MobiCash. The application can be used by customers to withdraw and deposit money through BSNL retail outlets. The application will initially be available in Punjab, Haryana, Rajasthan and Bihar.
10th Dec 16 SBI to sell its 3.9 percent stake in SBI Life Insurance
SBI has announced its decision to sell its 3.9 percent stake in SBI Life Insurance worth Rs. 1,794 crore. Currently, the bank holds a 74 percent stake in SBI Life Insurance with the rest 26 percent owned by BNP Paribas Cardif.
30th Nov 16 Bhartiya Mahila Bank merger with SBI approved by CCI
Competition Commission of India has approved an amalgamation of Bhartiya Mahila Bank in to State Bank of India. Both the banks will work towards providing banking products to their retail and corporate customers.
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