In today’s fast-paced world, having access to instant funds during emergencies is crucial. While personal loans are popular, gold loans provide a secure and convenient alternative for obtaining necessary funds.
The State Bank of India (SBI), the nation’s largest lender, offers attractive gold loan options with an interest rate of just 7.5%. Customers can easily apply for these loans through the SBI YONO mobile app.
What is an SBI Gold Loan?
An SBI Gold Loan is a secured loan where the borrower pledges their gold ornaments or articles as collateral. The loan amount provided is typically a percentage of the gold’s current market value, up to 80%, depending on the quality and market value of the gold. This loan offers a quick and safe way to secure funds without selling your precious gold assets.
How to Apply for an SBI Gold Loan on the SBI YONO App
Applying for an SBI Gold Loan through the YONO app is simple and can be done in a few steps:
- Login to the YONO Account: Access your account on the SBI YONO app.
- Navigate to Loans: On the main home page, click on the menu (three lines) on the top left, then select ‘Loans.’
- Select Gold Loan: Under the loans section, click on ‘Gold Loan’ and then ‘Apply Now.’
- Fill in Details: Provide details about the gold ornaments, including quantity, type, net weight, and carat. It would help if you also filled in your occupation type, residential status, and net monthly income.
- Submit the Application: After filling out all the required fields, apply.
| Name of the Loan | SBI Gold Loan |
|---|---|
| Interest Rate | 7.25% |
| Website | https://sbi.co.in/ |
| Gold Loan Link | SBI Gold Loan |
Visit the SBI Branch to Complete the Process
After applying online, you must visit the nearest SBI branch with the gold to be pledged. Here’s what you should bring:
- The gold ornaments or articles to be pledged.
- Two passport-sized photographs.
- KYC documents (Proof of identity and address).
Once at the branch, you’ll sign the necessary documents and receive the loan amount.
Who Can Avail the SBI Personal Gold Loan?
The SBI Personal Gold Loan is available to:
- Individuals aged 18 years and above with a steady source of income.
- Pensioners who do not require proof of income.
Documents Required for SBI Personal Gold Loan
To avail of the SBI Gold Loan, you’ll need:
- A completed gold loan application form with two passport-sized photographs.
- Identity proof along with proof of address.
SBI Gold Loan Details
Here are the key details of the SBI Gold Loan:
- Loan Amount: The minimum loan amount is ₹20,000, and the maximum is ₹50 lakh.
- Margin: The loan margin is 25%, or 35%, in the case of a bullet repayment gold loan.
- Interest Rate: SBI offers a competitive interest rate of 7.5% on gold loans.
- Loan Tenure: The loan tenure is up to 36 months, or 12 months for a bullet repayment gold loan (a product with no repayment obligation during the loan tenure).
SBI Gold Loans provide a reliable and efficient way to access funds by leveraging your gold assets. With an easy application process through the SBI YONO app and competitive interest rates, SBI makes it convenient for customers to secure the financial support they need.