State Bank of India Jewel Loan Interest Rate

Will you please tell what is the interest rate on Jewel/Gold Loan offered by State Bank of India? Also tell how much minimum amount a candidate can get against Jewel/Gold Loan?

[Kiran Chandar]

State Bank of India offers Jewel/Gold Loan to the candidate who full fill the eligibility norms of the bank .

Here I am telling you about the interest rate on Jewel/Gold Loan of State Bank of India .

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

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

Maximum : Rs 20lacs/-

Eligibility for loan :

Age :
21 years and above

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

Repayment :
Repayment Period:
30 months

Repayment Mode
Repayment of Principal and Interest should commence from the month following the month of disbursement

I would like to know the State Bank of India Jewel Loan Interest Rate as I would like to avail it?

[Shaleen]

Bank's active customers can gain the loan upto Rs.20 lacs by pledge of gold ornaments including gold coins sold by Banks. It requires least amount of paper work and has low interest rate

All the details about the Gold Loans from SBI are mentioned below:

ELIGIBILITY

Age should be 21 years and above

Profession: Anybody with stable source of income including : Bank's Employees, Pensioners

LOAN AMOUNT

MINIMUM :

Rural/Semi Urban : Rs10,000/-

Urban/Metros : Rs 20,000/-


MAXIMUM : Rs 20lacs/-

MARGIN: 25%

REPAYMENT:

Repayment Period

30 months

Repayment Mode

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

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

SECURITY: Security of gold ornaments.

DOCUMENTATION

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

Processing Fees

(i) For BIS Hallmarked Jewellery/ Ornaments and specially minted Gold Coins sold by Banks :

0.51% of the Loan Amount
(Min: Rs 256 ; Max: Rs511)

(ii) For Non Hallmarked Jewellery/ Ornaments:

(a)Up to Rs 25000: Rs256 per application;
(b)Above Rs 25000: 0.51% of the Loan amount or Rs511 whichever is higher.