State Bank of India (SBI) was founded in 1955 with its headquarters in Mumbai, Maharashtra. It has 15,500 branches all over the World. It provides many banking products and financial services according to the needs of the customer. There are various loan schemes from which borrower can raise funds, but for instant finance, Gold Loan is the best option. There are so many banking and non-banking financial organizations that provide a gold loan, but SBI gold loan is the best. You can use this amount of gold to fulfil any of your personal needs. It can be used for educational purposes or to boost up your business. Besides that, it can be used to pay your medical bills or for wedding purposes too. Thus, the Bank doesn't put any restriction on the use of the amount of the Loan.

Know More - What happens when you don’t pay a Gold Loan?

What is the SBI Gold Loan?

Gold Loan is a type of loan which is provided against gold. It is the easiest type of loan available to overcome your immediate as well as short-term financial needs. The documentation process for this Loan is quite simple. There are no credit checks needed for this financing. A person suffering from bad credit score can also avail gold loan. The interest rate offered in Loan against gold is less compared to any other type of loan, thus making it the cheapest form of loan available in the market. To analyze the Gold Loan interest rates, Click Here.

Gold Loan is an easy and straightforward way to get instant finance. It is a 30 minutes disbursal product. Check Gold Loan Interest Rates offered by all the leading banks across the country. Compare the offers and choose the best one. Apply now and get money against your gold within 30 minutes.

Features of SBI Gold Loan 

Following are the Features of Gold Loan:

  1. To begin, You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose.
  2. Secondly, You get 100% Safety & Security of your Gold Jewelry.
  3. Also, Get your Loan processed in less than 30 minutes.
  4. Also, Enjoy Anytime Liquidity.
  5. Furthermore, Gold Loan Interest Rates.
  6. Moreover, Simple documentation and fast processing.

Why Consider SBI for a Gold Loan?

  1. No income and salary criteria: To begin, Gold loans do not require any documentation or validation for income or salary of the person. So, even if you are unemployed and unsalaried, you can still avail a gold loan. This is because you are pledging a valuable asset, i.e. gold in return for the money.
  2. CIBIL Score not Required: Also, The gold loan can be provided in cases of bad credit history as well as low-income level.
  3. Relatively Lower Interest Rates: Another advantage of taking a gold loan is that they are available at low-interest rates, say 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
  4. Overdraft Facility:You need to repay only the interest- You have the option to pay only the attention during the tenure of the entire gold loan, and at the end of tenure, you can pay the full borrowed amount in a single shot.
  5. Total Convenience: The most convenient of all the loans is a gold loan. This is because in this all you have to do is pledge your gold with a bank or a private finance institute and the work is done. You can get a loan up to 80% or more of its market value immediately.
  6. Less processing time: No tedious and lengthy documentation is required in case of gold loans. Hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC's state that they only take a few minutes for the same task.

What is SBI Gold Loan Eligibility?

Eligibility of a gold loan is way easier when compared to personal loans or any other loan:

  1. To begin with, the age of the applicant should lie between 18 years to 70 years.
  2. Secondly, the applicant should be a citizen of India.
  3. Thirdly, The quality of gold should be from 18 Carat to 22 Carat to get a loan.
  4. Another equally important criteria are the weight of gold, which should be more than 10 grams.
  5. Lastly, Anyone can apply for a gold loan, whether you are a salaried applicant or self-employed.

What are the Documents Required for SBI Gold Loan?

The documents should be mainly from the following options.

Applicant Identity Verification Documents can be amongst the below  documents (ANY):

  1. Passport: Valid Copy of passport both front and last page
  2. Voters ID card: Copy of Valid Voter Identity Card
  3. Driving License: Copy of Driving license which is valid.
  4. Adhar card: Copy of Adhar Card with current information

Applicant Address Verification Proof can be amongst the below documents(ANY):

  1. Passport: Valid Copy of passport both front and last page
  2. Voters ID card: Copy of Valid Voter Identity Card
  3. Driving License: Copy of Driving license which is valid.
  4. Adhar card: Copy of Adhar Card with current information
  5. Utility Bills on the name of the applicant.
  6. Sales Tax Certificate
  7. Rental Agreement

Signature Verification Documents required are namely:

  1. Valid Copy Passport
  2. Bank's Verification Certificate
  3. Cheque

 Additional Documents Required:

  1. First of all, The banks generally demand the above-given documents. However, few banks demand some other materials, which are mentioned below:
  2. Next, Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. The proof is not required for allied agriculture purposes.
  3. Also, A Demand Promissory Note.
  4. Also, Certificate by the Jewel Appraiser (Bank will arrange).
  5. Finally, Income Proof: Salary Certificate and Form No.16.

SBI Gold Loan Per Gram 

When it comes to a gold loan, people are generally concerned about the Gold Loan Per Gram.  To get SBI Gold Loan, an applicant should have at least 10 grams of gold. Following is the amount of Loan that banks disburse on per gram of gold:

Purity Gold Loan/10 Gram Gold Loan Per Gram
18 Carat Rs 16,400 Rupees 1,640
19 Carat Rs 17,200 Rupees 1,720
20 Carat Rs 18,500 Rupees 1,850
21 Carat Rs 19,000 Rupees  1,900
22 Carat Rs 20,500 Rupees 2,500

 

 

 

 

 

How to Apply?

Online  Process

Through the Online process, the applicant gets the opportunity to avail the service of the gold loan at the comfort of their home. Just follow the following steps:

  1. First of all, visit Dialabank
  2. Secondly, fill an application form with all required fields.
  3. Thirdly, our Relationship manager, will call you back to assist through the entire process.
  4. Next, you will have to submit documents in the bank.
  5. Finally, your Loan will be approved in just some minutes.
  6. Apart from the above process, you can directly call us at 95920-46860.

SBI Gold Loan EMI Calculator

You have the option to check the EMI's through the EMI calculator, to have an idea of the amount that you will have to spare every month. 

SBI Gold Loan EMI Calculator

FAQs About SBI Gold Loan 

1. How does SBI Gold Loan work?

 Loan on gold is straightforward to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.

2. Is Gold Loan secured?

Yes, it is essential to note that the Loan on gold comes in the category of secured loans. Because in a gold loan, the applicant put their gold ornaments into the bank's locker as security or as collateral.

3. What happens when you don't repay a Gold Loan?

 If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.

4. Do I need a co-applicant to get a gold loan?

 No, to avail the Gold loan you don't need any co-applicant.

5. Is Gold loan better than a Personal loan?

Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal Loan it is un-secured and hence carries higher interest than a gold loan.

6. What is the best online platform to avail gold loan?

Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.

7. Is there any fee payable for the Gold Loan?

Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.

8. Is gold loan a good option?

A gold loan is an excellent choice because:

  1. Minimal Documentation
  2. Disbursal in 30 minutes
  3. Flexible Loan Tenure
  4. Wide-ranging Repayment Options
  5. Pre-payment option
  6. Negligible Processing Fees

9. How can I avail a gold loan?

  1. You can avail the service of a gold loan in a few clicks.
  2. Fill in your expected details in the web-form on Dialabank.
  3. Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
  4. We will suggest you the Loan which meets your requirements, in your specific region.
  5. Submit the required documents with our representative, who will be in touch with you.
  6. Accept the loan amount in just 30 minutes.

10. Is Gold Loan better than a personal loan?

Yes, a gold loan is far better than a personal loan. Reasons being:

  1. A gold loan does not require a CIBIL score or any proof of your income.
  2. Gold loans are less time-consuming and hustle free in comparison with Personal Loans. 
  3. A gold loan is a secured loan and therefore, is the most opted Loan nation-wide. Gold Loan Interest Rate of Different Banks - Updated on 2019

11. What is the benefit of gold loan?

Gold loans have various benefits, which are why it is the most opted Loan in the country. Some of the benefits are listed below:

  1. Proof of your income is not needed Loan
  2. Disbursal in just 30 minutes
  3. CIBIL score is not required
  4. Less Documentation 
  5. Maximum Funding
  6. It is a Secure Loan
  7. Instant  Approval

Major Banks Proving Gold Loan 

 

Bank 

Gold Loan Rate 
HDFC Bank 10.75%
Yes Bank  10.85%
Axis Bank 10.90%
SBI Gold Loan 11.50%
ICICI Bank 11.75%
IIFL Gold Loan 11.75%
Allahabad Bank Gold Loan 11.75%
Muthoot Gold Loan 12.00%
Federal Bank Gold Loan 12.00%
Manappuram Gold Loan  12.25%
IDBI Bank 12.25%
PNB Gold Loan 12.25%