SBI Gold Loan

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Unlock the Real Value of your Gold
Rates as low as 1% p.m.
Get Money in 30 Mins
Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
Unbiased Experts Advice

About SBI Gold Loan 

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.

  • Interest Rate Starts at 10.70%
  • Loan Per Gram From Rs. 2,472 to Rs. 3,023
  • Tenure Up to 36 months
  • Processing Fee Up to 1% + GST

Why choose SBI 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.

Advantages of SBI Gold Loan

Following are the Features of Gold Loan:

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

SBI Gold Loan Eligibility

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

  1. The age of the applicant should lie between 18 years to 70 years.
  2. The applicant should be a citizen of India.
  3. 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. Anyone can apply for a gold loan, whether you are a salaried applicant or self-employed.

SBI Gold Loan Documents Required

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:

The banks generally demand the above-given documents. However, few banks demand some other materials, which are mentioned below:

    1. Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. The proof is not required for allied agriculture purposes.
    2. A Demand Promissory Note.
    3. Certificate by the Jewel Appraiser (Bank will arrange).
    4. Income Proof: Salary Certificate and Form No.16
gold loan at 1%

SBI Gold Loan Interest Rate, Fees and Charges

A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Bank are lower in comparison to other loans because it is a fully secured loan.

The Gold Loan interest rates in the Bank starts at 10.70% per annum.

The bank also charges some additional fees along with the rate of interest in some cases, which are :

  • Processing fee – 1% of the loan amount or ₹1200 whichever is higher
  • Documentation charges
  • Gold Valuation charges
  • The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.

SBI Gold Loan Rate Per Gram 

The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the SBI Gold Loan Rate per Gram also varies every day. SBI gives funding of up to 70% of the total market price of your Gold keeping the remaining 30% as a security margin.

You will get ₹1890 to ₹2310 for a gram of Gold depending on its purity and the market price for your SBI Gold Loan.

**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**

SBI Gold Loan Apply Online

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. Visit Dialabank
  2. Fill an application form with all required fields.
  3. Our Relationship Manager will call you back to assist through the entire process.
  4. You will have to submit documents in the bank.
  5. Your Loan will be approved in just some minutes.

Apart from the above process, you can directly call us at 9878981166.

How to Pay SBI Gold Loan EMI?

Your SBI gold advance can be reimbursed in the following three different ways.

  1. Standing Instruction (SI): If you are a current record holder with SBI, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the SBI account you indicate.
  2. Electronic Clearing Service (ECS): This mode can be utilized in the event that you have a non-SBI account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
  3. Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-SBI account at your closest SBI Loan Center. A new arrangement of PDCs should be submitted in a timely manner. It would be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.

Gold Ornaments Accepted by SBI

Gold jewellery such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.

Quality: The quality of gold should lie between 18 Carat to 22 Carat. Aby gold ornament which is 24 Carat cannot be used for availing a gold loan.

Uses of SBI Gold Loan

The funds acquired by availing the Gold Loan service can be used for a number of purposes such as:

  • To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
  • For all your business needs such as buying raw material, expansion of business, and etc.
  • You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.

FAQs About State Bank of India 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?

You can avail the service of a gold loan in a few clicks.

  1. Fill in your expected details in the web-form on Dialabank.
  2. Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
  3. We will suggest you the Loan which meets your requirements, in your specific region.
  4. Submit the required documents with our representative, who will be in touch with you.
  5. 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

12. How much Gold Loan can I get per gram in SBI?

The per gram loan amount in SBI varies from ₹1890 to ₹2310 depending on the purity of your gold. The eligible purity of gold accepted in SBI ranges between 18 carats and 22 carats.

13. What is SBI Gold Loan?

SBI Gold Loan is a secured loaning scheme that uses pledged gold as collateral security. SBI Gold Loan can be used for any personal purpose and need. You can fill an inquiry form at Dialabank’s digital platform and access all the loan details from our relationship manager.

14. What is the Gold Loan interest rate in SBI?

The Gold Loan interest rate in SBI starts at 10.20% per annum. A processing fee of 0.50% of the loan amount plus applicable GST is also charged. SBI Gold Loan comes with a tenure of 30 months for term loan and 36 months for an overdraft.

15. How to pay SBI Gold Loan online?

You can pay your SBI Gold Loan online through net-banking at SBI’s online portal, ‘onlinesbi’.

16. How to apply Gold Loan in SBI?

SBI is the largest bank in India with a network of over 24000 branches reaching every nook and corner of India. You can easily apply for a Gold Loan in SBI by visiting the nearest branch with your gold and KYC documents. You can alternatively apply at Dialabank’s online portal to get the lowest rates, better convenience, and best offers by comparing the loan products of all the leading banking and non-banking finance companies.

17. How to renew SBI Gold Loan online?

SBI Gold Loan can be renewed once the tenure period of your existing loan is over. You will be required to pay a renewal fee and submit a completely filled in renewal form to the bank. The terms of the loan will be updated on the basis of the market scenario at the time of renewal. You can also contact Dialabank’s helpline number for all your financial inquiries.

18. How to take Gold Loan from SBI?

To take a Gold Loan from SBI you will be required to visit the nearest bank branch with your gold and some basic documents. You can also apply online with Dialabank and compare the Gold Loan offers from different banks and finance companies. Dialabank assists you through the entire loan process.

19. What is Gold Loan in SBI?

SBI Gold Loan is a loan product that can be availed by pledging of gold ornaments including gold coins sold by the Banks. It comes with minimum paperwork and low interest rate to facilitate your financial needs.

20. How to get SBI Gold Loan?

You can easily get a Gold Loan in SBI by pledging your gold. The loan amount is dependent on the purity of your gold and the rate of interest starts at 10.20% per annum. You will need to visit the bank branch with basic KYC documents and your gold. Alternatively, you can apply online with Dialabank and avail personalized assistance from the comfort of your home.

21. How to check SBI Gold Loan status?

You can either visit the nearest SBI bank branch and check your pending loan application status with your banker or you can simply log on to the online portal of SBI and track your application to stay updated.

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22. How to close SBI Gold Loan?

Once you reach the end of your tenure you shall make sure to clear all your dues and then visit your loan branch with the documents. After verification and making sure that you have no pending dues your gold will be handed over to you and your loan will be closed. You can also close your Gold Loan online at SBI’s digital portal.

23. How to renew SBI Gold Loan?

You can renew your SBI Gold Loan by visiting the nearest bank branch with all the documents. You will have to pay a renewal fee and submit a form to the bank. The terms of the loan will be updated on the basis of current market rates. You can also contact Dialabank’s helpline number to avail any financial help and advice.

24. What happens if someone defaults SBI Gold Loan?

Defaulting on your Gold Loan will give the bank legal rights to confiscate and sell your Gold. You may also become liable for further legal actions in case the bank is unable to recover the entire overdue amount. This may include but is not limited to the use of your other movable and immovable assets for recovery of your dues.

25. How many branches of SBI Gold Loan?

SBI has a very wide and strong network of over 24000 branches across India through which you can fulfil all your financing needs.

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