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SBI Gold Loan Interest Rate

SBI Gold Loan Interest Rates Mar 2021

Last Updated 01st Mar 2021

SBI Bank Gold Loan is most popular for agriculture loan on gold as it offers the lowest interest rate on agricultural gold loan starting at 7.50%. Gold Loan interest rate in State Bank of India for regular borrowers is higher than the rate offered by the bank on loans for agricultural purposes. Today's SBI gold loan rate per gram is between ₹ 443 to ₹ 485. Check Best Offers.

Gold Loan in SBI
SBI Gold Loan Rate 7.50% onwards
Processing Fee 0.50% of the loan amount, minimum Rs. 500
Loan Tenure 3 months to 36 months
Loan Amount ₹ 20,000 to ₹ 20 Lakh
Prepayment Charges Nil
Gold Loan SchemeBullet Repayment Scheme
Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

SBI Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. SBI gold loan can be taken for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from SBI has the following benefits:

  • SBI offers loans against gold with simple documentation, quick processing, and no hidden charges.
  • You can avail gold loans of long tenure of 30 months.
  • SBI has a special agricultural gold loan scheme for borrowers engaged in farming and looking to borrow funds for meeting their farming expenses. SBI interest rate on agricultural gold loans is lower than that of its regular gold loan scheme.

SBI announced festive benefits on gold loans

Country's largest public sector lender, State Bank of India announced a list of festive offers for its gold loan borrowers. The bank is now offering 100% waiver on processing fee for all gold loan customers who are applying through its digital platform YONO. Further, the gold loan customers will now have flexible repayment options for up to at the lowest interest of 9.50%.

SBI Gold Loan Details

If you are planning to take a Loan against Gold from SBI, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: SBI offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • SBI Gold Loan Interest Rate starts from 7.50%
    • SBI charges a processing fees of 0.50% of the loan amount, minimum Rs. 500
    • Loan Tenure of Gold Loan ranges from 3 months to 36 months
    • Lowest EMI per lakh on Gold Loan from SBI is ₹ 3,111 offered at the lowest gold loan interest rate of 7.50% at the longest loan tenure of 36 months
    • SBI allows prepayment of jewel loans with Nil charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of SBI
    • Bullet Repayment Scheme

Comparison of SBI Gold Loan with other Banks

SBI offers gold loan at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars SBI Manappuram HDFC Bank
Interest Rate 7.50% - 7.50% 12.00% - 29.00% 9.50% - 17.10%
Processing Fees 0.50% of the loan amount, minimum Rs. 500 Rs. 10 (to be paid at time of settlement) 1.50% of the loan amount
Loan Tenure 3 months to 36 months 1 day to 12 months 3 months to 24 months
Loan Amount ₹ 20,000 to ₹ 20 Lakh ₹ 1,000 to ₹ 1 Cr ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil Nil after 3 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 3,111 per lakh ₹ 8,885 per lakh ₹ 4,591 per lakh

How can I get a Gold Loan from SBI ?

You can apply for a gold loan with SBI directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which SBI will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

SBI Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in SBI is 7.50%.The factors that are used by SBI to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. SBI’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. SBI offers loan between ₹ 20,000 and ₹ 20 Lakh amount.
  • Relationship with the Bank: SBI offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from SBI.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. SBI offers gold loan with a tenure of 3 months to 36 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, SBI also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by SBI is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including SBI also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. SBI's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Other Charges of Gold Loan SBI

In addition to interest rates, SBI also carry some other charges while offering gold loan which include:

  • Processing fees – SBI charges minimum processing fees 1.50% of the loan amount. To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.

Gold Loan Schemes of SBI

SBI offers several gold loan products to meet your various product requirements. These include loans with different repayment options

  • Gold Loan with Bullet Repayment

    • SBI offers a bullet repayment option for its gold loans. Under this, customers can pay the entire principal amount of the loan at the end of the tenure.
    • This results in lower monthly payments (consisting of only interest component) during the life of the loan, reducing the burden significantly.
    • This repayment option is more prevalent for gold loans of short tenures.
  • Gold Loan for Agriculture

    • SBI offers this scheme for farmers wherein, loan is offered to them against gold ornaments in order to meet farming expenses.
    • Presenting a proof of farming activity and ownership of an agriculture land is mandatory. The end use of the gold loan must be mentioned by the borrower.
    • The current rates for SBI Gold Loan for Agriculture are in the range of 7-9.95%.

Documents Required for SBI Gold Loan

The documentation process of SBI is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:

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

FAQs

How much gold loan can I avail from SBI?

You can get upto ₹ 20 Lakh as gold loan from SBI.

How can I check my SBI gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan SBI available online? Is there a SBI gold loan online payment facility?

Yes, you can apply gold loan online in SBI to get a quick loan. Yes, SBI offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

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

Does SBI offer Agricultural Gold Loan?

Yes, SBI offers gold loan for agriculture at 1- 2% lower interest rate than gold loan rates.


SBI Gold Loan Reviews 4.3/5  by 2 customers
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Ramkishan Sharma, Faridabad
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SBI Gold Loan Availed in Sep 17

Good experience with availing SBI gold loan. Reasonable rates and good pre sales.Read more...

Sakhi Singhal, Faridabad
4 / 5 stars
SBI Gold Loan Availed in May-17

I had taken a gold loan from SBI based on my savings account there. I didn?t need to produce any docRead more...

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SBI Gold Loan News - Mar 2021
  • 2021-02-25 : SBI offered customers to apply for the gold loan via call or SMS
    Customers can now apply for the gold loan from SBI by giving a missed call on 7208933143 or SMS GOLD at 7208933145, and the bank will then respond with a callback. A minimum loan amount of Rs 20,000 up to a maximum of Rs 50 lakh is sanctioned by the bank.
  • 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.
*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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