SBI Gold Loan per Gram Rate in 2024
SBI Gold Loan Interest Rate 2024
SBI Gold Loans provide a convenient and secure way for individuals to access funds by pledging personal gold, such as jewellery or coins, as collateral. The loan process is straightforward with minimal documentation. So, let’s know all the details you need to obtain this loan.
SBI Gold Loan Details
The combination of the flexible loan amount, reasonable tenure, and low fees makes the SBI gold loan an accessible and budget-friendly option:
- SBI gold loan interest rate: 9.00%
- Loan amount: Rs.20,000-Rs.50,00,000
- Age limit: 18 years-70 years
- Tenure: Up to 36 months
- Accepted gold: Ornaments verified for quality and weight
- SBI gold loan processing fee: 0.50% + GST
Features of State Bank of India Gold Loan Schemes
- Flexible loan amounts: Loans are available for sums ranging from Rs. 20 thousand to Rs. 50 lakh, making them suitable for small to large financial requirements.
- Flexible tenure options: You can choose repayment terms between 12 to 36 months, depending on your financial convenience.
- Security: Gold pledged as collateral is stored securely and returned upon loan repayment.
- Repayment modes: SBI provides multiple repayment options, including standard EMIs, liquid gold loans, and bullet repayment gold loan schemes (paying principal and interest before loan maturity).
- Affordable processing fees: SBI charges just 0.5% of the loan amount, ensuring affordability.
- Quick processing: With minimal documentation, loans are approved quickly, often on the same day.
- No prepayment penalty: You can prepay the loan incurring any additional charges.
SBI Gold Loan Rate Per Gram
As per the State Bank of India, the loan amount per gram depends on the gold purity and net weight. The bank does not grant any gold loan based on the security of primary gold.
SBI Gold Loans Interest Rate
You can get gold loans at competitive SBI bank gold loan interest rates as per the types of gold loan:
- Gold loan: Interest rate starts at 9.00% per annum.
- Realty gold loan (for housing loan customers): Same rate as the standard gold loan at 9.00% per annum.
- Agriculture gold loan: 1-year MCLR (Marginal cost of funds based lending rate) + 1.25%
SBI Gold Loan Eligibility
- Age: Must be between 18 and 70 years
- Profession: All farmers and agricultural entrepreneurs
- Income source: A consistent source of income is required, but proof is not mandatory for retirees or existing bank customers
- Gold ownership: The gold pledged must belong to the applicant and meet quality standards.
Documents Required for SBI Gold Loan
- ID proof: PAN card, Aadhaar card, passport, or government-recognised identification.
- Address proof: Utility bills, passports, or valid address verification documents.
- Photographs: Two passport-sized photographs of the applicant.
- Completed application: Accurately filled and signed application.
Fees of SBI Gold Loan Scheme
SBI charges a nominal processing fee, which is among the lowest in the industry:
- Standard fee: 0.5% of the loan amount, subject to a minimum of Rs. 500.
- YONO applications: No processing fee is charged if the loan is applied for via the SBI YONO app.
SBI Gold Loan Interest Rate Compared to Other Lenders
When compared to other leading banks, SBI gold loan interest rate can be considered competitive:
| Bank | Interest rate |
| SBI Gold Loan | Starting from 9.00% | | Axis Bank Gold Loan | 9.35% to 17% | | HDFC Bank Gold Loan | 9.30% to 17.86% |
Apart from this, SBI will decide your SBI gold loan appraiser charges (charge by the lender to evaluate the weight, purity, and market value of gold ornaments) that you have to bear accordingly.
How to Apply for SBI Gold Loan Schemes?
Applying for an SBI Gold Loan is simple and can be done online or at a branch:
Step 1: Visit the SBI website or the nearest branch. For online applications, fill out the form with details such as loan amount, name, mobile number, and PIN code.
Step 2: Submit the form and follow the on-screen instructions to complete the process.
Step 3: After verification, the loan is approved, and the funds are disbursed.
How to Pay Gold Loan Interest in SBI Online?
Paying your SBI gold loan interest online is a simple process:
- Log in to your SBI net banking Access your SBI internet banking account using your username and password or register on the SBI website.
- Navigate to the e-payment section: Once logged in, go to the “Payments/Transfers” section in your account dashboard.
- Add your loan account as a biller: Add your SBI gold loan account as a biller by selecting the option to “Add Biller” or “Register Loan Account” under the bill payment section.
- Make the payment: Select the loan, choose the amount you want to pay (EMI or interest) and authenticate the payment using OTP (one-time password) sent to your registered mobile number.
- Confirmation of Payment: Upon successful payment, you will receive an SMS.
Conclusion
SBI gold loan offers a seamless borrowing experience with competitive interest rates and flexible repayment options. Whether for personal or agricultural needs, their quick processing and minimal documentation make them a reliable choice. With easy online payment methods, managing your gold loans becomes significantly convenient.
