SBI Gold Loan per Gram in 2024 | IndiaGold
SBI Gold Loan per gram rate is Rs 3,800 to Rs 4,350
SBI gold loan interest rates
The interest rates on SBI's gold loan ranged from 7.25% per annum to 9.75% per annum, depending on the loan amount and repayment period. These interest rates are subject to change over time and may vary based on several factors, including the prevailing market conditions, the borrower's credit score, and the tenure of the loan.
Getting a gold loan is a tedious and time consuming process, isn’t it? Well it turns out that we at IndiaGold have a solution for your problem. Now you can get Gold loans at your doorstep.
- 0.77%* Rate of Interest Per month (9.24% Rate of interest per year)
- Doorstep Gold Loan
- Money transfer in just 30 minutes*
- 100% Free Insurance on your gold
If you are looking for Doorstep gold loan @0.77% Per month interest rate, Do checkout http://indiagold.co/gold-loan
SBI Interest Rate Comparison with other banks
Axis Bank Gold loan interest rate
- Axis Bank Gold Loan interest rate is 17% p.a. to 19% p.a. for amount of Rs.25,001 to Rs.40 lakh
HDFC Bank Gold loan interest rate
- HDFC Gold Loan interest rate is 8.50% p.a. to 17.46% p.a. for amount of Rs.10,000 onwards
Muthoot Gold Loan interest rate
- Muthoot Gold Loan interest rate is 12% p.a. to 27% p.a. for amount of Rs.1,500 onwards
SBI Gold Loan interest rate
- SBI Gold Loan interest rate is 8.75 - 9.60% p.a. onwards for amount of Rs.20,000 to Rs.50 lakh
Kotak Mahindra Gold Loan interest rate
- Kotak Mahindra Gold Loan interest rate is 8.00% p.a. - 24.00% p.a. for amount of Rs.20,000 to Rs.1.5 cr
PNB Gold Loan interest rate
- PNB Gold Loan interest rate is 9.25% p.a. to 10.25% p.a. for amount of Rs.25,000 to Rs.10 lakh
Bank of Maharashtra Gold Loan interest rate
- Bank of Maharashtra Gold Loan interest rate is 9.30% p.a. for amount up to Rs.20 lakh
Manappuram Gold Loan interest rate
- Manappuram Gold Loan interest rate is 12.00% p.a. to 29.00% p.a. for amount (As per the requirement of the scheme)
Loan Amount For SBI Gold Loan
SBI offered gold loans starting from a minimum of Rs. 20,000 up to a maximum of Rs. 50 lakhs.
SBI Gold Loan Processing fees
SBI charged a processing fee of up to 1% of the sanctioned loan amount for their gold loan product. The processing fee may vary based on several factors, including the loan amount and tenure.
SBI Gold Loan Repayment schemes:
Bullet repayment: Bullet repayment is a method in which you pay interest and principal amounts at the end of a gold loan. During the loan term, you are neither required to pay interest nor principal; you make one final payment when your loan expires.
EMI Facility: By opting for this option, you can repay the interest amount as per the EMI schedule of the gold loan.
However, you will have to pay back the principal amount borrowed at maturity. This arrangement works wonders for most borrowers as throughout the loan tenure one is only liable for paying interest and not worrying about principal repayment.
Overdraft Facility: This is a popular service for self-employed people, as the financial requirements of such business people are often variable. Through this service, you can withdraw money according to your own needs.
SBI Gold Loan process:
The process for availing an SBI gold loan typically involves the following steps:
Visit the nearest SBI branch: The borrower needs to visit the nearest SBI branch with their gold ornaments and necessary documents to initiate the loan application process.
Gold valuation: SBI officials will conduct a gold purity check and evaluate the value of the gold ornaments pledged for the loan.
Loan application: The borrower will need to fill out the loan application form and provide all required information such as personal details, loan amount, and loan tenure.
Documentation: The borrower will need to submit all necessary documents such as identity proof, address proof, and gold ownership proof.
Sanction and disbursal: If the borrower is eligible for a gold loan, SBI will sanction the loan amount, and the amount will be disbursed to the borrower's account or provided in cash.
Repayment: The borrower must repay the loan amount along with the interest within the specified tenure. Failure to repay the loan may result in the forfeiture of the pledged gold.
It's important to note that the specific process and requirements for an SBI gold loan may vary based on several factors, including the loan amount, tenure, and borrower's eligibility criteria. It's best to check with SBI directly or visit their official website for more information on the gold loan process.
Features of SBI Gold Loan
Quick Processing
One of the most attractive features of SBI Gold Loan is its quick processing time. Since gold loans are secured by genuine gold, financial institutions can easily give them. They can quickly sell the gold if the borrower defaults, which makes lending against gold a safer option. As a result, SBI typically disburses such loans within a few hours, which reduces processing times and provides more convenience for borrowers.
With SBI Gold Loan, borrowers can get the loan amount they need in a timely manner, without any unnecessary delays.
Low Interest Rates
SBI Gold Loan offers low-interest rates, making it an affordable financing option for borrowers. As gold is kept as collateral, gold loans in general have lesser interest rates. Cana Bank, for example, offers interest rates of 7.10 - 7.60% p.a. On the other hand, with SBI Gold Loan, borrowers can get loans at a much lower interest rate of 7.50% to 9.75% per annum, depending on the loan amount and repayment period.
This makes SBI Gold Loan a more affordable option for borrowers who need financing but want to keep their interest payments low.
Minimal Documentation
SBI Gold Loan requires minimal documentation, making it a hassle-free financing option for borrowers. Gold loans require the least amount of documentation because secured collateral is already in place. Borrowers only need to fill out a simple form, and their relationship manager will guide them through the gold loan journey.
With SBI Gold Loan, borrowers can get the loan amount they need with minimal hassle and paperwork. This is a significant advantage for borrowers who are looking for a quick and easy financing option.
Poor Credit History Doesn’t Matter
SBI Gold Loan is an ideal option for borrowers who have a poor credit history or no credit history. In most cases, the bank determines the loan amount based on the borrower's repayment capabilities and credit history. This is not the case with gold loans, though. Since gold is used as collateral, lenders are confident in the repayment of the principal component and do not base their decision on the borrower's credit history.
This means that borrowers with poor credit scores or no credit history can still get the financing they need with SBI Gold Loan. This is a significant advantage for borrowers who have been turned down for other types of loans due to their credit history.
Conclusion In summary, SBI Gold Loan offers quick processing, low-interest rates, minimal documentation, and flexibility in terms of credit history, making it an attractive financing option for borrowers. Whether you need financing for personal or business purposes, SBI Gold Loan can provide you with the funds you need in a timely and hassle-free manner.
Benefits of SBI Gold loan
- Gold loans can be used to fund your child's education.
- It can be useful for expanding business or working capital requirements or to buy a home
- It can be used to buy machineries which can help to improve agriculture efforts
- It can also be used to get a loan at competitive rates with no collateral requirements
- Can be used to fund any urgent emergency needs
- Flexible usage: Gold loans can be used for any purpose and no restrictions on where you can use the money
- Less Paperwork: The entire process from loan application to disbursement, hardly any paperwork is required. At India Gold we disburse your loans in just 30 mins* of the process
About SBI Bank
State Bank of India, commonly known as SBI, is the largest public sector bank in India and is headquartered in Mumbai, Maharashtra. It was established in 1955 and has since grown to become one of the leading banks in the country. SBI has a network of more than 22,000 branches in India and operates in more than 30 countries worldwide.
SBI offers a wide range of banking services and products to its customers, including personal banking, corporate banking, investment banking, and insurance services. Its personal banking services include savings accounts, current accounts, fixed deposits, recurring deposits, credit cards, loans, and more. It also offers online banking facilities such as internet banking, mobile banking, and SMS banking.
SBI is known for its strong customer base and offers its customers a wide range of benefits and rewards. Its credit card rewards program offers customers benefits such as cashback, reward points, discounts, and more. SBI also offers a range of insurance products, including life insurance, health insurance, and general insurance.
SBI has won numerous awards for its services, including the Best Bank Award at the Dun & Bradstreet Banking Awards in 2019, and the Best Bank in India award at the Euromoney Awards for Excellence in 2018.
In addition to its banking services, SBI is also involved in various corporate social responsibility initiatives. Its initiatives include providing education to underprivileged children, healthcare facilities to rural areas, and supporting sustainable development in various communities.
Overall, SBI Bank is a reputable and reliable banking institution that offers a wide range of banking services and products to its customers. Its strong customer base, wide network, and range of benefits and rewards make it an attractive option for customers looking for a reliable banking partner.
Types of SBI Gold loan interest rates
- Fixed interest: The interest rate on such loans stays the same throughout the term of the loan.
- Reason of Lending: The interest rate on gold loans is often related to the motivation behind loaning. Banks normally offer lower rates of return for horticultural gold loans.
- Floating rate of interest: The rate of interest on a gold loan is not fixed and it keeps changing. In a gold loan, the EMI is related to the outside benchmarks that are decided by the bank. Since the rate isn’t fixed, the EMI on Gold credit might increase or decrease unexpectedly.
- Non Agricultural Gold loans: Non-agricultural gold loans are made to anyone who is not an agriculturalist. These loans are available to everyone, including salaried individuals, independently employed experts, financial specialists, ladies and females, housewives and students.
How to pay your SBI Gold loan EMI?
For current holders of a Canara Bank account, there are two ways to transfer money:
- First, you can order a Standing Instruction (SI).
This is done by contacting the bank directly and requesting that money be transferred from your account to another person’s bank account.
- Second, you can request an Electronic Clearing Service (ECS) from SBI Bank. This involves using your computer to send the funds electronically.
At indiagold, you can pay EMIs via not only standing instructions or ECS, you can also use other modes of payment like UPI from Paytm, GPay, PhonePe, etc
SBI Gold Loan Eligibility
SBI offers gold loans to both salaried and self-employed individuals who meet the following eligibility criteria:
Age: The applicant must be at least 18 years of age at the time of applying for the loan.
Gold ownership: The applicant must be the owner of the gold that is being pledged as collateral for the loan.
Gold purity: The gold being pledged as collateral must have a purity of at least 18 carats.
Loan amount: The minimum loan amount that can be availed of is Rs. 20,000, and the maximum loan amount that can be availed of is Rs. 50 lakh, subject to the value of the gold being pledged.
Repayment capacity: The applicant must have the ability to repay the loan within the specified tenure. The repayment tenure for SBI gold loans ranges from 3 months to 36 months.
Credit score: SBI does not require a high credit score for gold loans, as the loan is secured against the collateral of gold.
Income proof: While salaried individuals need to provide income proof, self-employed individuals can provide their business documents as proof of income.
KYC documents: The applicant needs to provide their KYC documents, which include a valid ID proof and address proof.
It is important to note that the eligibility criteria may vary depending on the bank's policies and guidelines, and SBI may also require additional documentation or information, depending on the applicant's profile.
FAQs
Can we pay SBI bank gold loan online?
If you're making monthly payments on your EMI, you can do so online through the bank's website or in person by visiting the branch.
What is SBI Bank Gold loan interest rate?
SBI Bank’s Gold Loan interest rate is 8.75- 9.60% p.a. Get lowest interest rate of 9.24% per year by applying for Gold loan at IndiaGold.
How to pay SBI bank gold loan online?
EMI repayment can be made online through the bank's portal.
At indiagold, you can pay EMIs via not only standing instructions or ECS, you can also use other modes of payment like UPI from Paytm, GPay, PhonePe, etc
What type of gold do you accept for gold loans?
At indiagold, all forms of gold jewellery are accepted, provided it is 18K and above. No gold coins, biscuits, and bars are accepted. The value and purity of gold are measured and assessed by experts and trained valuers.
What are the consequences of missing a payment on a due date?
The interest rates are subject to jumping interest rates if a payment is missed due to unforeseen circumstances.
The consumer will also be contacted by the loan manager to discuss the problem. Hence, indiagold advises making timely payments to take advantage of lower interest rates.
What are the documents required when applying for a gold loan?
Identity Proof - Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License Address Proof - Aadhaar Card, Voter ID, Passport, Driving License, Utility Bill (Phone/Gas/Electricity/Water/Broadband, etc.) / Lease Agreement of a local address that matches the address on your utility bill (in case your permanent address is different from your current residential address) Form 60 or PAN Card Passport size photograph
What is LTV in Gold Loan?
The LTV ratio is 75% maximum, capped by the Reserve bank of India (RBI). For example, if you pledge gold worth Rs 1 Lakh, you can get a maximum of Rs 75,000 as Gold Loan.
