State Bank of Mysore Gold Loan Approval Process


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    State Bank of Mysore Gold Loan Approval Process

    State Bank of Mysore Gold Loan FeaturesState Bank of Mysore Gold Loan Approval Process

    State Bank of Mysore Gold Loan Approval Process. State Bank Of Mysore is a government-owned bank, headquartered in Bengaluru. It was founded in October 1913. It was one of the five associate banks of State Bank of India, and all 5 were merged with the State Bank of India in April 2017. State Bank of India has 1074 branches and 9 extension counters. State Bank of Mysore’s Gold Loan is one of the most common banking products in South India due to its several benefits.

    1. A maximum amount of Rs 50,00,000 can be issued.
    2. A minimum amount of Rs 20,000 is issued.
    3. The gold pledged by the borrower is verified for quality and quantity.
    4. The processing fee is as little as 0.50% of the loan amount + GST.
    5. The borrower has to pay the gold appraiser charges.
    6. Proof of income is not needed.
    7. Any individual above the age of 18 years can apply for a gold loan.
    8. The maximum tenure of the gold loan is 36 months.

    State Bank of Mysore Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 65 Yrs
    Note: However, many banks require a minimum age of 23 years
    Loan Amount
    Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
    Interest rates are lower for a higher loan amount
    Employment Type
    Salaried and self-employed both are eligible
    Businessmen are increasingly taking gold loans to meet their working capital requirements.
    In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
    Quality of Gold
    Gold ornaments should range in between 18 to 24 Carats
    An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
    CIBIL Score
    Banks do not check CIBIL score for granting a gold loan
    However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
    Gold ornaments that can be used for availing loan
    Gold bars and coins
    Gold with 18-24 carat purity
    Employment track record and income proofs
    Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

    State Bank of Mysore Gold Loan Documents Required

    List of Documents
    Passport (Not expired)
    Driving license (Not expired)
    Voters’ ID Card
    Aadhaar Card issued by UIDAI
    PAN (Permanent Account Number) Card (along with any of the above-mentioned documents) or Form 60
    One Passport Size Photograph
    Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)

    State Bank of Mysore Gold Loan Approval Process

    State Bank of Mysore Gold Loan Approval Process is simple –

    1. Visit the bank website.
    2. Under the loan and advances menu, select the ‘gold loan’ option.
    3. Enter your details and complete the application form.
    4. The bank’s representative would get in touch with you.
    5. Then, submit your documents for the verification procedure.
    6. Next, submit your gold for evaluation of quality and quantity.
    7. Once, the above processes are completed, the bank determines the borrower’s eligibility and approval is based on that.
    8. After the loan is approved, the amount is sanctioned and the borrower receives the cash.

    If the borrower prefers to apply for a gold loan offline, they can do the same by visiting the bank’s branch office. Visit Dialabank for more information.

    FAQs on State Bank of Mysore Gold Loan Approval Process

    ✅ Can I enlist a guarantor on a gold loan?

    Yes, a borrower can enlist a guarantor for a gold loan who would be responsible to repay the loan if the primary borrower fails to do so.

    ✅ What is the customer care number of the State Bank of Mysore?

    Customers can contact the bank at 1800-11-2211 for any doubts and queries.

    ✅ Is it mandatory to enlist collateral?

    Yes, since a gold loan is a secured loan, the borrower must pledge their gold with the bank to obtain cash against it.