SBI PERSONAL GOLD LOANS

Product

SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by Banks with minimum paper work and low interest rate.

Features
ELIGIBILITY

Age : 21 years and above

Profession : Any individual (singly or jointly) with Steady source of income including: Bank’s Employees, Pensioners. (No Proof of income required)

LOAN AMOUNT


MAXIMUM : Rs 20.00 lacs

MINIMUM : Rs 20,000/-


REPAYMENT :
Repayment Mode

Gold Loan – The repayment of Principal and Interest will be commenced from the month

following the month of disbursement.

Liquid Gold Loan – Overdraft Account with transaction facility and monthly interest is to be served.

Bullet Repayment Gold Loan – On or before the term of the loan/ on closure of account.

Repayment Period

Maximum :

Gold Loan - 36 months

Liquid Gold Loan - 36 months

Bullet Repayment Gold Loan - 12 months

MARGIN :

Gold Loan - 25%

Liquid Gold Loan - 25%

Bullet Repayment Gold Loan - 35%

SECURITY :

Pledge of gold ornaments duly verified for quality & quantity.

Interest Rate & Processing Fees

Processing Fees : 0.50% of the Loan amount + applicable GST, minimum Rs.500/-+ applicable GST

INTEREST RATE : 2.00% above the MCLR-1yr, presently 7.95% (effective rate is 9.95% p.a.)

Others : Gold appraiser charges will be paid by the Applicant.

Documents Required

To Apply Loan:

  • i) Application for Gold Loan with two copies of photographs.

  • ii) Proof of Identity with proof of Address

  • iii) Witness Letter in case of illiterate borrowers.

Time of Disbursement

  • i) DP note and DP Note Take Delivery Letter.

  • ii) Gold Ornaments Take Delivery Letter.

  • iii) Arrangement Letter.

  • iv) Undertaking– Ownership & Source of Gold by the Applicant