State Bank of Mysore Gold Loan Documents Required

Features of State Bank of Mysore Gold Loan

State Bank of Mysore is a nationalized Indian bank with headquarters located in Bangalore, India. It is one of the five associated banks of the State bank of India. If you are planning to get a gold loan from the State Bank of Mysore. This article by DialaBank will help you with State Bank of Mysore Gold Loan Documents Required.

Before going into details of the Gold loan. Let’s See some features of the State Bank of Mysore Gold loan.

1. State Bank of Mysore Gold Loan Documents Required are identity proof and address proof. For Gold loan applications banks don’t ask for income proof.
2. The eligibility age is 18 to 65 years.
3. Compared to other loans gold loans come with less rate of interest per annum.
4. The loan to value ratio for a Gold loan is very high, it is generally up to 75% to 80% of the value of gold.
5. Gold loan processing is very quick, loan will be availed within 1-2 hours.
6. It comes with a pay interest-only option.

State Bank of Mysore Gold Loan Comparision with banks

State Bank of Mysore Gold Loan EMI calculator

Use DialaBank EMI calculator to get an approximate value of EMI to be paid. This EMI will need the following inputs to calculate EMI.

1. Interest rate
2. Loan amount
3. Loan Tenure

In case of any query contact DialaBank customer care support at 9878981166.

State Bank of Mysore Gold Loan Documents Required

List of State Bank of Mysore Gold Loan Documents Required are mentioned below

At the time of application the following documents are required:

• Proof of the citizenship of India
• Duly filled application form
• 2 passport-sized photographs
• Applicant’s KYC documents to establish Identity and Address
• Salary/ Income Proof
• Witness Letter in case of illiterate borrowers
• In the case of Agriculture Loan of more than Rs. 1 lac, land proof
• Certificate by the Jewel Appraiser (Bank will arrange)

At the time of disbursement the following documents are required:

• Demand Promissory Note & Demand Promissory Note Take Delivery Letter
• Gold Ornaments Take Delivery Letter
• Arrangement Letter

State Bank of Mysore Gold Loan Documents Required – FAQs

✅ What will the bank do if I don’t do repayment of the Gold loan?

Bank has the right to get the funds by selling the gold.

✅ What is the meaning of the Bullet repayment option in gold loans?

In Bullet repayment, you repay the entire loan amount in a single lump sum at the end of the loan.

✅ If I have a bad credit score can I get a gold loan?

Banks don’t ask for credit scores in the case of a gold loan. State Bank of Mysore Gold Loan Documents Required are identity and address proof.