SBI Gold Loan Interest Rates: Everything you need to know

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SBI Gold Loan Interest Rates: Everything you need to know

The year of 2020 has been serving well for all banks and non-banking financial companies as more and more people are availing of the gold loans by pledging their gold to the bank. The gold acts as a mortgage against the loan. The borrower has to pay back the loan amount within the stipulated time to be able to retrieve the ownership of the gold.

Anybody who is going through a financial crisis and is having trouble meeting with certain necessary expenses such as a wedding or medicines or fees for higher education can simply apply for a gold loan by pledging their own gold. In such cases, any kind of gold such as necklaces, earrings, anklets and rings can be pledged. 

SBI provides gold loans at a very low interest rate starting at 7.00 percent. SBI is a government owned bank that aims at providing high quality service to its customers. SBI provides a loan tenure of 3 months to 36 months and an amount of up to Rs. 20 lakh. The processing fee is only 0.5 percent of the loan amount, which adds up to a minimum of Rs. 500. SBI also does not ask for any prepayment charges. 

SBI offers special interest rates, offers and charges to the existing account holders of the bank. Those who have successfully made their payments on time in the past can get the benefit of low gold loan interest rate from the bank. 

SBI also has a special agricultural loan scheme for anyone who is involved in farming and horticultural activities. SBI provides such people special offers keeping in mind, their financial status. In fact, the interest rate for such agricultural loan schemes is usually lower than that of the regular loan schemes for other salaried or self-employed individuals.

Taking a loan can be very stressful as there are many questions that people ponder over when it comes to taking a loan. Dialabank comes to your aid and clears all your confusion. So stop fretting and call 9878981144.

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