SBI Gold Loan is offered with loan amount up to Rs.50 lakh and interest rate at 7.30% p.a. The repayment tenure is up to 3 years with processing fee charged at 0.25% of the loan amount.
| Interest Rate | 7.30% p.a. onwards |
| Loan Amount | Up to Rs.50 lakh |
| Loan Tenure | Up to 3 years |
| Processing Fee | 0.25% of the loan amount + GST |
Features of SBI Gold Loan
SBI Gold Loan comes with a host of attractive features, some of which are mentioned below.
- Flexible loan amount – One can avail loans between Rs.20,000 and Rs.50 lakh.
- Flexible repayment tenure – The loan can be repaid through EMIs, with the maximum period ranging between 12 months and 36 months.
- Flexible loan repayment modes – A customer can use gold loan, liquid gold loan, or bullet repayment gold loan methods to make payments for their SBI Personal Gold Loans.
- Security – Gold items provided as security are returned on repayment of loan.
- Fast approval – This loan is easy to avail, with quick approval and minimal documentation.
- Low processing fee – SBI charges a processing fee of 0.25% of the loan amount.
- Prepayment – Borrowers can choose to prepay their loan, with no prepayment charges levied by SBI.
SBI Gold Loan Interest Rates
Interest rates for SBI Personal Gold Loan Scheme range between 7.30% p.a. and 7.50% p.a., with SBI having the sole discretion to change or modify rates. Borrowers are expected to check the current prevailing rates before applying for a loan.
Eligibility Criteria
Individuals who wish to avail a loan under this Gold Loan scheme need to satisfy a few basic eligibility criteria.
- Age – A borrower should be at least 18 years old in order to qualify for this scheme.
- Income – An applicant should have a steady source of income. He/she could be employed in any profession, having sufficient means to repay the loan.
Documents required for SBI Gold Loan
- ID Proof – A valid, government approved ID Proof (PAN card, DL, Voter’s ID, etc.)
- Address proof – A valid, government approved address proof (Utility bill, Passport, DL, etc.)
- Photographs – Two passport size photographs of applicant
- Form – Duly filled and signed application form
The following documents have to be provided to the bank at the time of disbursement of the loan amount:
- Arrangement Letter
- Gold Ornaments Take Delivery Letter
- DP Note
- DP Note Take Delivery Letter
Fees and charges
Unlike other banks, SBI charges a nominal fee to process an application, with this amount depending on the quality of gold offered as collateral.
SBI charges a processing fee of 0.25% of loan amount, subject to a minimum of Rs 250 and no processing fee if applied through YONO.
*Note: Applicants will have to pay the applicable GST along with the processing fee.
How SBI compares with other lenders?
| Fees and charges | SBI Gold Loan | HDFC Bank Gold Loan | Axis Bank Gold Loan | ICICI Gold Loan |
| Interest rate | 7.30% p.a. onwards | 8.95% p.a. to 17.20% p.a. | 12.50% p.a.to 17.50% p.a. | 10% p.a. – 19.76% p.a. |
| Processing fee | 0.25% + GST | 1% + GST | 1% + GST | 1% of the loan amount |
| Foreclosure charges | N/A | 1% of the outstanding loan amount | 0% – 2% of the loan amount | 0% – 1% of the outstanding principal amount |
| Penal Interest | N/A | N/A | 2% of the overdue amount per month | N/A |