Rate of Interest of Gold Loan in State Bank of India

Will you please provide the information regarding the Gold Loans schemes of State Bank of India ? Also provide the Rate of Interest on the Gold Loan .

[Kiran Chandar]

State Bank of India existing customers can avail the loan upto Rs.20 lacs including gold coins sold by Banks.

Eligibility

Age : 21 years and above

Profession : Any one with Steady source of income including : Bank's Pensioners , Employees

Loan Amount

MINIMUM :

Urban/Metros : Rs 20,000/-
Rural/Semi Urban : Rs10,000/-

MAXIMUM : Rs 20lacs/-

MARGIN : 25%

Interest Rate : 2.50% above Base Rate i.e., 12.50% p.a. currently

Repayment Period

30 months

The repayment of Principal and Interest must commence from the month following the month of disbursement

Documentation
• D P Note and D P Note Take Delivery Letter
• Two copies of photograph of the borrower(s)
• Gold Ornaments Take Delivery Letter (as per specified format)
• Application for Gold Loans (as per specified format)
• Witness Letter in case of illiterate borrowers (as per specified format)
• Arrangement Letter (as per specified format)

If I want to take gold loan from SBI than what is the rate of interest of gold loan in State bank of India?

[pawan]

SBI is India’s largest lender and has its headquarters in Mumbai, Maharashtra, and majority owned by the Government of India.
You can take gold loan at the lowest interest rates i.e 12.35%. in this bank for gold loan repayment can be made up to 30 months. This bank provide quick processing time and Maximum loan amount of Rs. 20 Lakh.

Up to 20 Lakh of Loan amount at 12.35% rate of interest. Per gram rates and new schemes of SBI:

SBI Gold Loan Details

Interest Rates 12.35%
Processing Fees 0.51% of loan amount
Loan Tenure 3 Years Maximum
Min. loan amount Rs.10000/-
Maximum loan amount Rs. 20 lakh
Prepayment Charges Nil / Zero

Eligibility:

Age : 21 years and above
Profession: Anybody with Steady source of income including : Bank’s Employees, Pensioners


Loan amount
Minimum: Rural/semi urban: rs 10,000/-
Urban/metros: rs 20,000/-
Maximum: rs 20lacs/-

Repayment Period
30 months
Calculate the EMI and advice the customer about the same depending on the tenure they want


Other Products of State Bank of India:

SBI Home Loan
SBI Personal Loan
SBI Credit Card
SBI Business Loan
SBI Property Loan
SBI Two Wheeler Loan
SBI Education Loan
SBI Car Loan

Please provide me the rate of interest charged by the State bank of India for the loan taken against gold?

[Kiran Chandar]

The details of the Gold Loan for State bank of India are as given below:

SBI Gold Loan Features

Max Loan Tenure
30 months
Prepayment Charges
Nil
Max Loan Amount
Rs. 20 lakh

Repayment Scheme
-
-Bullet
No
-EMI
Yes

Determinants of Eligibility for Gold Loans
Age of the Applicant
Minimum 21 years of age

What Gold Can One Borrow Against
Gold ornaments with karatage in the range of 18 to 24 karats
Specially minted gold coins sold by banks with a weight of upto 50 grams
One cannot borrow against gold coins, gold bars, gold funds (gold Exchange Traded Funds) and specially minted gold coins of banks weighing more than 50 grams

Maximum Loan Amount
Upto Rs. 20 Lakh

Rate of Interest
2.50% above Base Rate i.e., 12.50% p.a. currently

Security, Loan to value (LTV), Margin
Security of gold ornaments

Repayment Frequency
EMI Repayment: Equal instalments comprising interest on a declining basis and a portion of principal amount is paid every month

Repayment Period, Loan Tenure
Upto 30 months

Processing Fees
Upto Rs. 511

Prepayment Charges
No prepayment penalty charges

Documentation
Basic KYC documents (PAN, Address proof, passport size photograph)
D P Note and D P Note Take Delivery Letter
Application for Gold Loans
Gold Ornaments Take delivery Letter
Arrangement Letter

Processing Time
Loan disbursal within a day