Best answer: What is the procedure to get gold loan in SBI?

What is the process of gold loan in SBI bank?

Documents required for SBI Gold Loan

ID Proof – A valid, government approved ID Proof (PAN card, DL, Voter’s ID, etc.) Address proof – A valid, government approved address proof (Utility bill, Passport, DL, etc.)

Can I get SBI gold loan from any branch?

Other than via the YONO platform, one can avail SBI gold loan from its branches as well.

Is SBI good for gold loan?

SBI Bank Gold Loan is most popular for agriculture loan on gold as it offers the lowest interest rate on agricultural gold loan starting at 7.00%. Gold Loan interest rate in State Bank of India for regular borrowers is higher than the rate offered by the bank on loans for agricultural purposes.

Which bank is best for gold loan?

Gold Loan Interest Rates Comparison

Name of the Bank Interest Rate Loan Amount
Canara Bank Gold Loan 7.35% p.a. Rs.5,000 to Rs.35 lakh
Muthoot Gold Loan 12% p.a. to 26% p.a. Rs.1,500 onwards
SBI Gold Loan 7.00% p.a. onwards Rs.20,000 to Rs.50 lakh
Kotak Mahindra Gold Loan 10.00% p.a. – 17.00% p.a. Rs.20,000 to Rs.1.5 crore
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What happens if gold loan is not paid in SBI?

Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution. This is now a non-performing asset and will be sold off for recovery.

How is gold loan calculated?

Calculate Your Gold Loan Amount

*The market value of your gold is calculated by taking 30 days average gold rate of 22 carat gold | Purity of the gold is assumed at 22 carat. *You can avail a maximum loan of up to 75% of the market value of your gold depending on the quality of the gold.

How much loan can I get for 1g gold?

As shown in the table above, if you take a loan against 18-carat gold, you will be eligible for a gold loan of Rs. 3,329 per gram of gold. A gold loan per gram rate of Rs. 3,409 per gram is available if you take out a loan against 22-carat gold.

How many types of gold loans are there?

The lender offers two types of gold loans – Gold Loan, and Realty Gold Loan. The repayment tenures for Gold Loan and Liquid Gold Loan are up to 36 months.

Can I renew SBI gold loan Online?

You can apply for a gold loan renewal online through our Rupeek app or speak to an executive who will guide you through the process to get the loan amount sanctioned within 24 hours! Contact our customer support for further guidance.

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