SBI Gold Loan Process: Taking gold loan from SBI has become easier now. You can apply through YONO app while sitting at home.
SBI Gold Loan can be availed by pledging gold jewelery including gold coins sold by banks with minimal paperwork and low interest rate. Currently, a gold loan is the safest and easiest way to get instant money during an emergency. The bank says that now one can apply for a loan sitting comfortably at home. The interest rate of Lokan is 8.25 percent. Bank is giving special discount till 30th September. Customers can get 0.75 percent discount.
Apply for SBI Gold Loan by sitting at home
>> By the way, usually the loan is taken by visiting the branch. But SBI is now disbursing loans through branches as well as through its YONO app. Its complete process is given below.
>> Login to your YONO account. On the home page, click Menu (three lines) in the top left. Click on Loan. Click on Gold Loan.
>> Click on Apply Now. F- Fill the Jewelery details (Type, Quantity, Carat and Net Weight) along with all other details available in the drop down (Residential Type, Business Type), Enter Net Monthly Income and submit the application.
>> You have to go to the branch with your gold. Submit the mortgageable gold along with 2 photographs and KYC documents to the branch. After this the documents have to be signed.
>> For more details website link- https://bank.sbi/web/personal-banking/loans/gold-loan/personal-gold-loans
Who will get gold loan?
Anyone of the age of 18 years and above can take SBI Gold Loan. An individual is eligible to avail this loan either singly or jointly. This includes employees of the bank, pensioners including persons with sources of regular income. Proof of income is not required for SBI Gold Loan.
Which documents are required?
Application for gold loan with two images. Proof of identity along with proof of address. In case of illiterate customers, letter of witness is required.
In how many days will I have to pay?
What is the repayment period? – Gold Loan : 36 Months – Liquid Gold Loan : 36 Months – Bullet Repayment Gold Loan : 12 Months.
How much loan will I get?
>> Loan Amount – Minimum – Rs 20,000/Max – Rs 50 lakh
>> Margin – 25% (35% in case of Bullet Repayment Gold Loan)
>> Interest Rate – SBI is currently offering Gold Loan to customers at an interest rate of 7.5 percent.
>> Foreclosure charges – The bank has also waived foreclosure charges and pre-payment penalty for customers.
