SBI Gold Loan Key Features – Apply Now
|SBI Gold Loan Interest Rate Jan 2021
||7.0% per annum|
|SBI Gold Loan Per Gram Rate||SBI Gold Loan Rate Per Gram today is ₹ 5121|
|SBI Gold Loan Age of Borrower||18 – 75 years|
|SBI Gold Loan Maximum Loan Amount||Up to 1 crore|
|SBI Gold Loan Maximum Loan to Gold Value Ratio||Up to 75%|
|The purity of Eligible gold||18 carat to 22-carat gold|
|SBI Gold Loan Tenure||Up to 36 months|
RBI has increased the LTV ratio for Gold Loan from 75% to 90% till 31st March 2021.
SBI issues a Gold Loan per gram rate of ₹ 3,329 to ₹ 3,489 in line with the current gold rate. The best SBI Gold loan Rate per gram is ₹ 3,489 for 22 Carat gold, measured at a maximum 85% loan to value and the average gold price for the last one month for 22-carat is ₹ 4,469.
SBI Gold Loan Explanation
SBI gold loan can be availed to meet an urgent need for cash by pledging one’s gold ornaments or gold coins as collateral. A Gold loan is one of the quickest and easiest ways of borrowing money and can be availed by any existing customer of the SBI Bank as well as new borrowers. With SBI Bank, you will not only be able to avail the gold loan easily but it will also be at a competitive interest rate.
SBI Gold Loan Comparison With Other Banks
|Particulars||ICICI Bank||SBI||HDFC Bank|
|Interest Rate||7.0% per annum||7.50% – 7.50%||9.90% – 17.55%|
|Processing Fees||Up to 1% of the loan amount, minimum Rs. 750||0.50% of the loan amount, minimum Rs. 500||1.50% of the loan amount|
|Loan Tenure||3 months to 10 years||3 months to 36 months||3 months to 24 months|
|Loan Amount||₹ 10,000 to ₹ 1 crore||₹ 20,000 to ₹ 20 Lakh||₹ 25,000 to ₹ 50 Lakh|
|Foreclosure Charges||Up to 1% of the outstanding amount||Nil||Nil after 3 months|
|Lowest EMI Per Lakh||₹ 8,792 per lakh||₹ 3,111 per lakh||₹ 4,610 per lakh|
Tips To Get Gold Loan From SBI Fast
- SBI Bank accepts both hallmarked and non-hallmarked jewelry in exchange for money. However, you can get the highest gold loan per gram for any hallmark jewelry, because it reduces the chances of under-valuation by the valuer.
- SBI Bank can adjust the price of 22-carat gold for the purity of gold. Therefore, one should also try to borrow against jewelry of higher purity because it fetches the highest amount for a gold loan.
- SBI Bank will calculate the net weight of the jewelry to calculate the amount of loan against the gold you can get. You can always try to choose jewelry that has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from the total weight of the jewelry. But SBI Bank will rely on the report of its gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in a lower amount of jewel loan you can are eligible to get.
Advantages Of SBI Gold Loan
- You can avail of a Loan of up to Rs.1 Crore or more & up to 75% of value for any purpose.
- You get 100% Safety & Security from your Gold Jewelry.
- Get your Loan processed in less than 30 minutes.
- Enjoy Anytime Liquidity.
- Simple documentation and fast processing.
- SBI bank charges the borrower up to 1.50% of the outstanding principal debt in the event of a Gold Loan.
How Much Can I Get Through SBI Gold Loan?
As per the most advanced gold prices, SBI offers a gold loan per gram today of ₹ 5121. The highest gold loan rate per gram now is ₹ 5121 for 22-carat jewelry calculated at a maximum LTV of 75% and the average gold loan rates of the last 30 days in 2020 are ₹ 5121 for 22 carats.
SBI Gold Loan Rate Per Gram – Apr 20 2021
Updated - Gold Loan Per Gram Rate w.e.f Apr 20 2021
|Gold Weight||Gold Purity
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 borrowers 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 the gold loan with SBI is the best. You can use this amount of gold to fulfill 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.
SBI Bank Gold Loan Eligibility
Eligibility of a gold loan is way easier when compared to personal loans or any other loan:
|Requirements||Gold ornaments (18-22 carats)|
|CIBIL score||Above 500|
SBI Gold Loan Documents Required
The documents should be mainly from the following options.
|Identity Proof||Aadhar Card/Pan Card/ Passport/ Voter ID|
|Residence Proof||Aadhar Card /Pan Card/ Ration Card/ Utility Bills on the name of the applicant/ Rental Agreement of applicant/ Voter ID card.|
|Agriculture Proof ( only if applicable)||Agriculture Land Ownership Proof|
|Photographs||2 Passport sized colored|
SBI Gold Loan Interest Rate Feb 2021
A Gold Loan can meet all your initial short-term and long-term financial obligations. The rate of interest that you will be filled with depends on the whole loan sum, as well as the quality/purity of the gold you are to have as collateral with the bank. Gold Loan interest rates allowed by the bank are more moderate compared to other loans because it is a completely secured loan. The current SBI Gold Loan Rate is 7.0%
Other Fees and Charges
|Updated SBI Gold Loan Interest Rate Apr 20 2021
|Interest Rate||7.0% onwards|
|Processing Fee||0.5% of the loan amount|
|Loan Tenure||3 months to 36 months|
|Prepayment Charges||1% of the outstanding principal amount|
Gold Loan: Anyone with a steady source of income can avail of a gold loan by pledging his gold ornaments.
Types of State Bank of India Gold Loan
Multi-Purpose gold loan: Mainly for agriculture purposes, the multi-purpose loan comes into handy to repay various kinds of debts.
State Bank of India Gold Loan Apply Online
Online Process: Through the Online process, the applicant gets the opportunity to avail of the service of the gold loan at the comfort of their home. Just follow the following steps:
- Visit Dialabank
- Fill an application form with all required fields.
- Our Relationship Manager will call you back to assist you through the entire process.
- You will have to submit documents to the bank.
- Your Loan will be approved in just some minutes.
Apart from the above process, you can directly call us at 9878981144.
SBI Gold Loan EMI Calculator
|Rate of Interest||6 months||1 Yr||2 Yrs||3 Yrs|
How To Pay State Bank Of India Gold Loan EMI?
Your SBI gold advance can be reimbursed in the following three different ways.
- 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.
- Electronic Clearing Service (ECS): This mode can be utilized if 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.
- 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 promptly. It would be ideal if you note Post Dated Checks will be gathered in non-ECS areas as it were.
SBI Bank Gold Loan Contact Number
In case of any assistance required please contact on the number 9878981144.
Gold Ornaments Accepted By SBI
Gold jewelry 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.
The current Jewel Loan Interest Rate is 7.0% per annum.
Uses Of State Bank of India Gold Loan
The funds acquired by availing the Gold Loan service can be used for several purposes such as:
- To finance personal expenses for weddings, travel, payment of higher education fees, etc.
- For all your business financial needs such as buying raw material, expansion of business, etc.
- You can also avail of a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
SBI Agricultural Jewel Loan Scheme
|Scheme||SBI Agricultural Jewel Loan Scheme|
|Interest Rate||Starting at 7% p.a.|
|Least amount of Loan||Depends on the value of the jewel|
|Loan period||Adjustment of advance sum inside 2 months from the date of reap of yields|
Benefits Of SBI Agricultural Jewel Loan Scheme
- For 0.30% of the loan amount, a Minimum of ₹ 300 is charged ranging from more than ₹25,000 – less than ₹ 5 lakh
- 0.28% of the credit sum, subject to at least Rs.1,500 applicable on more than Rs.5 lakh and less than Rs.1 crore
SBI Gold Loan Overdraft Scheme
- SBI overdraft is usually issued on a temporary cash basis.
- Up to 90% of Value.
- The service is available to all users of SBI Internet Banking.
SBI Gold Loan Highlights
|Age||18 – 75 years|
|Minimum Loan Amount||Rs. 10,000|
|Maximum Loan Amount||Up to Rs. 1 Crore|
|SBI Gold Loan Interest Rate||7.00% p.a. onwards|
|Loan Tenure||From 3 months to 36 months.|
|Gold Items accepted||Jewelry and gold coins sold by banks|
|SBI Gold Loan Processing Charges||0.85% of the loan amount|
How Does SBI Gold Loan Work, Here’s An Example
The suitability of the gold loan is determined based on the purity of gold, LTV, and its weight. Suppose Mr. A and his two friends Mr. B and Mr. C have different gold values for different purity. Mr. A has 50 grams of gold per 22-carat purity. Mr. B has 60 grams of gold in 20 carats of purity and Mr. C has 70 grams of gold in purity or 22 carats. They approached the SBI Bank to get a gold loan. The price used to calculate the suitability of their gold loan according to the high 85% LTV will vary with the purity of the gold and therefore, will lead to the validity of the gold loan.
FAQs About SBI Gold Loan
✅ What is the SBI Gold Loan?
SBI Gold Loan is a secured loaning scheme that uses pledged gold as collateral security. Gold Loan from SBI 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.
You can easily get a Gold Loan from SBI by pledging your gold. The loan amount is dependent on the purity of your gold and the rate of interest at 7.0% 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 of personalized assistance from the comfort of your home.
✅ How much Gold Loan Can I get per gram from SBI?
You can avail of a gold loan of Rs 5121 per gram from SBI, depending on the quality of your gold.
The SBI Gold Loan is provided by the Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
The SBI gold loan interest rate is 7.0% per annum.
To check your SBI Gold Loan status online just visit the SBI’s online portal and fill in the form your Gold Loan application details
The gold loan interest rate in SBI can be calculated by simply subtracting the principal amount from the total amount to be paid.
You can avail a maximum of up to 75% of the gold jewelry’s market value on a gold loan from SBI Bank.
The loan tenure of your SBI gold loan is up to 36 months. You will be required to renew your loan after 1-year completion tenure.
A processing fee of up to 0.5% of the loan amount applies to the SBI Bank gold loan.
Pre-payment charges up to 1% of the outstanding loan amount is charged by SBI.
You can renew your SBI Gold loan online by simply logging into your SBI app account with the credentials and renew your gold loan under the Gold Loan section by entering the loan account details.
You can pay the SBI Gold loan interest online using online payment options like net banking, debit cards, or through the i-mobile app.
If you do not pay your SBI loan amount for 3 months then the bank will warn you against further default. In case the defaults continue, the gold ornaments kept as a security with the bank might be sold.
You can apply for an SBI Gold loan moratorium online by logging in with your ID and password or can also visit the bank personally.
SBI Gold loan cannot be repaid through credit cards as per RBI Guidelines.
✅ What is the SBI Gold Loan customer care number?
For contacting the SBI Gold loan customer care just dial 9878981144.
✅ What is the SBI Gold Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the SBI Gold loan account.
- Pay the pre-closure charges as per the State Bank of India Gold Loan.
✅ What is the SBI Gold Loan preclosure charge?
Up to 2% preclosure charge before 3 months, after that 1.50%.
✅ What is the SBI Gold Loan overdraft scheme?
- SBI overdraft is usually issued on a temporary cash basis.
- Up to 90% of Value.
- The service is available to all users of SBI Internet Banking.
✅ What is the SBI Gold Loan maximum tenure?
The maximum tenure of the SBI Gold loan is 36 months.
✅ What is the SBI gold loan minimum tenure?
The SBI Gold loan minimum tenure is 3 months
✅What is the SBI gold loan per gram rate?
SBI Gold Loan Rate Per Gram today is ₹ 5121
✅ What is the current SBI Gold Loan Rate?
The SBI Gold Loan Rate today is 7.0%
✅ What are the foreclosure charges of the SBI Gold Loan?
SBI charges a borrower up to .50% on the principal amount in case of a Gold Loan Foreclosure.
SBI Gold Loan News
SBI offered customers to apply for Gold Loan via call or SMS
Now customers can apply for the gold loan from SBI by texting SMS GOLD at 7208933145 or give a missed call on 7208933143, and the bank will then respond with a callback. A minimum loan amount of Rs 20,000 and a maximum of up to Rs 50 lakh is sanctioned by the bank.
SBI recasts only 4,000 retail loans
Under the limited window of the RBI, SBI has recast the loans of around a number of 4,000 retail registered customers so far, which clearly indicates that barring micro, small and medium businesses, not many are availing of easier repayment norms. Around 1,00,000 retail registered customers logged into SBI Official website to check the eligibility but not many found to have met the stringent conditions set by the bank claimed the SBI.
SBI shelves plan to hive off Yono app
Owing to the drive of privatization initiated by the Central Government authorities, the State Bank of India has decided on shelving plans to hive off the Yono application. Yono would now cater to the lenders of the competing banking institution and provide them with core banking services and leveraging their banking needs and benefits.
SBI will unlock value from general insurance and mutual fund biz: Dinesh Kumar Khara
Dinesh Kumar Khara, Chairman, SBI, tells Nikunj Dalmia of ET NOW that the bank is controlling the cost whichever way it can and the overheads are almost flat. The only way forward is to augment revenue streams.
SBI home-loan rates now start at 6.8%
State Bank of India (SBI) has cut the minimum interest rate at which it will offer home loans up to ₹30 lakh to 6.80 percent from 6.90 percent. Further, for home loans above ₹30 lakh, the minimum interest rate has been pared to 6.95 percent from 7 percent.
Renovated branch of SBI at Connaught Circus inaugurated
The renovated branch of SBI at P-Block, Connaught Circus, New Delhi was inaugurated by Chairman SBI Dinesh Khara. Chief General Manager of SBI New Delhi Circle Vijuy Ronjan along with other senior officials and esteemed customers of the branch were also present on the occasion. It provides retail banking solutions to individuals in the form of deposit accounts and retail lending in form of Car Loan, Housing Loan, Gold Loan, and Personal Loan.
SBI Gold Loan: Want a loan for agriculture purposes? Get it now!
SBI Agriculture Gold Loan: India’s largest state lender, the State Bank of India (SBI) is offering Gold loans exclusively for agricultural purposes. If you are engaged in agricultural activity and require a quick loan, here is a golden opportunity for you to get one.
Table of Contents
- 1 SBI Gold Loan Key Features – Apply Now
- 2 Tips To Get Gold Loan From SBI Fast
- 3 Advantages Of SBI Gold Loan
- 4 How Much Can I Get Through SBI Gold Loan?
- 5 SBI Gold Loan Rate Per Gram – Apr 20 2021
- 6 SBI Bank Gold Loan Eligibility
- 7 SBI Gold Loan Documents Required
- 8 SBI Gold Loan Interest Rate Feb 2021
- 9 SBI Bank Gold Loan Contact Number
- 10 SBI Agricultural Jewel Loan Scheme
- 11 Benefits Of SBI Agricultural Jewel Loan Scheme
- 12 SBI Gold Loan Overdraft Scheme
- 13 SBI Gold Loan Highlights
- 13.1 ✅ How Can I Get Gold Loan From SBI?
- 13.2 ✅ How much Gold Loan Can I get per gram from SBI?
- 13.3 ✅ How Does SBI Gold Loan work?
- 13.4 ✅ What is the SBI Gold Loan interest rate?
- 13.5 ✅ How to check gold loan status in SBI?
- 13.6 ✅ How to calculate gold loan interest in SBI?
- 13.7 ✅ What is the maximum gold loan amount I can avail myself of on a gold loan from SBI Bank?
- 13.8 ✅ What is the loan tenure of the SBI Bank gold loan?
- 13.9 ✅ How much processing fee is applicable on the SBI Gold loan?
- 13.10 ✅ What are the charges for pre-payment in the SBI gold loan?
- 13.11 ✅ How to renew SBI Gold Loan online?
- 13.12 ✅ How to pay SBI Gold loan interest online?
- 13.13 ✅ What if I can’t pay the interest on the SBI Gold loan for 3 months?
- 13.14 ✅ How can I apply for an EMI moratorium on an SBI Gold loan?
- 13.15 ✅ How to pay an SBI Gold loan through a credit card?
- 13.16 ✅ What is the SBI Gold Loan customer care number?
- 13.17 ✅ What is the SBI Gold Loan closure procedure?
- 13.18 ✅ What is the SBI Gold Loan preclosure charge?
- 13.19 ✅ What is the SBI Gold Loan overdraft scheme?
- 13.20 ✅ What is the SBI Gold Loan maximum tenure?
- 13.21 ✅ What is the SBI gold loan minimum tenure?
- 13.22 ✅What is the SBI gold loan per gram rate?
- 13.23 ✅ What is the current SBI Gold Loan Rate?
- 13.24 ✅ What are the foreclosure charges of the SBI Gold Loan?
- 14 SBI Gold Loan News