SBI stands for State Bank of India is the oldest and largest banking institution in India. It is also known as the banker’s Bank during the pre it was established as the bank of Calcutta in 1806 on 2nd June. One of the advantages of the State Bank of India is that the branch is available in almost all the regions of the country the ATMs are available all over the country.
There are different types of loans are available in the market but the gold loan is one of the most preferred forms of loan. Not only because of the reason of the lowest rate of interest but also the quick and the fast procedure of availing the loan is one of the biggest advantages of availing a gold loan.
State Bank of India provides a very good variety of gold loans as compared to other banks and NBFCs.
Foremost the State Bank of India offers a low gold loan interest rate for availing the gold loan that is 7.30 % and onwards. This is the reason that most of the people as the State Bank of India are said to be a common man’s bank as it has a very cheap rate of interest which will be affordable for the common people to come across and.
One can avail is Rs 20,000 while on the other side of the coin a person can avail up to Rs 50 lakh. In comparison with other banks, the range is a little bit wider to support all the people of the society.
Age limit as gold loan eligibility criteria the people is like minimum years of age till 18 years and maximum years of age up to 70 years. The minimum age is 18 years because of legal-related matters as a person after 18 becomes eligible and can have financial Independence as well the reason for keeping the age is this. While on the other side of the coin the maximum years have been kept 70 years as after that age it is considered that a person after 70 becomes dependent.
State Bank of India gold loan can be extended up to 36 months that is 3 years. for the flexibility of the customer.
Availed from the State Bank of India the verification of the quality and the quantity of the gold is done on the basis of gold loan per gram in the form of ornaments or the coin which is acceptable by the bank. The gold loan does not charge any kind of processing fees but having a nominal charge of 0.20 5% plus GST. If it is applied through the YONO application then there will be no such charge also.