Bank Profile and Loan Eligibility
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State Bank of India is a public sector bank.
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It is listed on BSE and NSE.
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It was incorporated in 1955.
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It is headquartered in Mumbai.
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Any individual owning gold ornaments/Coins, either singly or jointly can apply.
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Applicant should be above 18.
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Any individual (singly or jointly) with Steady source of income.
Unique Features
Interest Rate:
Gold Loan(all variants): 7.30%
For COVID WARRIOR On EMI and LIQUID: 7.30%
For COVID WARRIOR On Bullet Repayment: 7%
Minimum loan amount INR 20,000
Maximum loan upto INR 50.00 Lakh
Repayment Mode
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Gold Loan EMI based : Repayment of Principal and Interest will begin the month following disbursement.
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Liquid Gold Loan: Overdraft Account with transaction and monthly interest.
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Bullet Repayment Gold Loan: On or before the loan's term expires/the account is closed.
Term loan can be availed for a tenure upto 3 years.
Processing Fee
0.50% of the Loan amount minimum Rs 500/- + applicable GST
Nil, through YONO
Prepayment Charges
Nil
Margin
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Gold Loan: 25%
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Liquid Gold Loan: 25%
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Bullet Repayment Gold Loan:35%
Loan Limit
Loan available upto INR 50 Lakh
Tenure
36 months
Quality
The quality of Gold should be between 18 to 22 Carat
Key Features
Late Payment Charges
2% p.a. + Applicable rate of interest.
Gold Appraiser Charges
Paid by the Applicant
No Income Bounds
There are no restrictions on the salary of the applicant. Hence, applicants with any income level can avail a gold loan.
Repayment Type
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Repayment Mode
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Gold Loan EMI based
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Liquid Gold Loan
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Bullet Repayment Gold Loan (Tenure:12 months)
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Safety of Jewellery
State Bank of India is accountable for the security of your gold
Other Benefits
Special interest rates for COVID WARRIOS
Documents Required
To Apply for a Gold Loan:
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Submit a loan application along with two copies of your photographs.
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Proof of Identity as well as Address Proof.
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In the case of illiterate borrowers, a witness letter is required.
Time of Disbursement:
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DP note and DP Note Take Delivery Letter.
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Gold Ornaments Take Delivery Letter.
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Arrangement Letter.
What We Did Not Like
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Maximum loan limit should be increased.
MyRupaya Rating
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