With the outburst of the pandemic came uncertainty and unpredictability about the future. So, it became inevitable for everyone to ensure financial stability to prepare for the worst. Borrowers usually go for personal loans when in urgent need of funds, but a gold loan is also a relatively safer option for procuring credit at comparatively lower interest rates.
Loan seekers can apply on the SBI YONO app at an interest rate of 7.5 per cent per annum. Gold loan, also called loan against gold, is a secured loan taken by the borrower from a lender (bank) in lieu of their jewellery or ornaments. Typically, the gold amount sanctioned by the bank is a particular percentage of the gold – up to 80 per cent depending upon the current market value and gold’s quality.
SBI Gold Loan: How To Apply for gold loan in SBI YONO app
Step 1: Applying for the loan
- Login to your YONO account
- On the main home page, Go on the menu (three lines) on the extreme top left.
- Click on the ‘loans’ option.
- Under loans, click on the Gold Loan section.
- Click ‘Apply Now’.
- Fill in the details of ornament such as quantity, type, net weight, carat, along with the other details available in the drop-down section- occupation type, residential type.
- Fill in the net monthly income.
- Submission of application.
Step 2: Visit your nearest branch with gold ornaments
- Visit the SBI branch with the gold articles to be pledged.
- Carry two photographs with KYC documents.
Step 3: Sign the documents.
Step 4: Get your gold loan.
Who can avail SBI Gold Loan:
- Individuals whose age is more than 18 years with a stable income source.
- Pensioners (no proof of income is required)
Documents required for availing a Gold Loan with SBI:
- Application form
- Two copies of your photograph
- Identity proof
- Address proof
Gold Loan amount: Minimum amount is ₹ 20,000, and the maximum amount is ₹ 50 lakh
Margin: 25 per cent (35 per cent in case of a bullet repayment gold loan)
SBI Gold Loan Interest Rate: Currently, SBI is offering a gold loan to the customers at an interest rate of 7.5 per cent
Gold Loan tenure: 36 months (12 months in case of a bullet repayment gold loan- a product having no repayment obligation during the loan tenor)