SBI Bank Gold loan: Friends, SBI Bank is one of the leading banks in India which provides gold loan facility. The bank offers you a loan against the pledge of gold jewelery with the bank, which can be used for a wide range of purposes. Like for expanding business, for education or for medical expenses etc.
If you are interested in taking a gold loan from SBI Bank, then under this loan the bank will give you a minimum loan amount of Rs. 20,000 and maximum loan amount is Rs. Offers up to Rs 50 lakh, which varies according to the valuation of gold. The bank charges interest on the daily reducing balance, which varies from time to time.
To avail the benefit of SBI Gold Loan, you have to deposit your gold jewelery as collateral with the bank.
So friends, let us understand this process of taking gold loan from SBI Bank very well.
What is SBI Gold Loan?
Friends, SBI Bank Gold Loan is a kind of secured loan which is provided on the basis of gold jewellery. Through this, the bank allows a minimum loan amount of Rs. Rs.20,000 to maximum loan amount of Rs. Provides loan up to Rs 50 lakh. The purpose of this gold loan is to provide capital for your business expansion, education, medical expenses etc.
To avail SBI Gold Loan, you have to deposit your gold jewelery as collateral with the bank. In return, the bank provides you a loan of up to 75% of that value of gold jewelery or jewellery.
Eligibility conditions for taking SBI Bank Gold loan
Friends, if you are interested in taking gold loan from SBI Bank, then you are required to fulfill their eligibility conditions for SBI Gold Loan. These conditions are as follows:
- You must have gold jewellery.
- Your basic annual income salary is Rs. Should be more than 1 lakh.
- Your gold must be completely owned by you (not mortgaged anywhere).
- The ratio of your income and debt should not be more than 50:50.
All you need to do to apply for a gold loan from SBI Bank is meet these eligibility conditions.
What will be the interest rate of SBI Gold Loan?
Friends, the interest rate of SBI gold loan is decided on the basis of the rules of the bank at that time.
At present the interest rate of SBI gold loan can range from 7.50% to 8.50%. Whether this interest rate will be low or high for you is determined on the basis of the price of gold at that time, the loan amount and the credit score of the applicant.
What documents are required to take SBI Gold Loan?
Friends, if you want to take gold loan from SBI Bank, then you will need the following documents:
- application
- Identity proof documents like Aadhar Card, PAN Card and Passport
- bank account details
- Documents of three years’ regular salary or business work.
Apart from these documents, you will also need to get the content of your gold jewelery assessed. The value of your gold jewelery will be determined based on the current price of gold and its quality.
Process to take SBI Gold Loan
Friends, if you want to take a gold loan from SBI bank, then the process to apply for this loan is as follows:
- First of all, youYou will have to apply for gold loan by going to SBI Bank.।
- At the time of application, you will have to get the gold jewelery assessed and submit documents.
- Based on the valuation of the gold and your income, debt and credit score, you can get loan approval along with the loan amount and interest rate.
- If you accept the loan, the bank pays you the loan amount and keeps your jewellery.
- To repay the loan, you can make regular payments of your loan. If you repay the full amount including interest, your gold jewelery will be returned.
In this way, you can apply for gold loan either online from SBI website or by visiting SBI bank and can avail the benefit of loan up to Rs 50 lakh.
Risk factors related to SBI gold loan
Friends, if you are thinking of taking a gold loan from SBI Bank, then before taking SBI Gold Loan, you have to keep in mind some risk factors regarding it:
- If you cannot repay the loan amount, the bank can auction your gold jewellery.
- Your credit score may be affected if you do not repay the loan.
- If the bank is not officially recognized, it can lead to problems when you cannot get the gold jewelery back or have any complaint against the bank.
Friends, these are some risk factors related to gold loan of SBI Bank, it is very important for you to know them carefully.
conclusion
SBI Gold Loan is a good option that can help you get extra cash easily. It is a safe and easy option, giving you a free financial structure tailored to your needs. So, if you have a need then you can directly go to SBI Bank and apply for gold loan. Remember that before this you should read and understand all the terms and conditions carefully, so that you can have a satisfactory experience.
FAQ’s related to SBI Gold Loan
Following are the answers to some common questions related to SBI Gold Loan:
What is the maximum loan amount for SBI Gold Loan?
The maximum amount of loan available under SBI Gold Loan is Rs 50 lakh.
How is SBI Gold Loan refunded?
Withdrawal of SBI Gold Loan is done in two ways. Firstly, if you keep paying your loan regularly and secondly, if you repay the entire amount including interest.
What is the interest rate of SBI Gold Loan?
The interest rate on SBI gold loan depends on all factors. At present the interest rate on gold loan of SBI Bank can range from 7.50% to 9.50% for Varsha.