New Delhi: State Bank of India (SBI) allows people to avail Gold Loan by pledging of gold ornaments including gold coins sold by banks with minimum paper work and low interest rate.
The minimum gold loan amount you can apply via SBI YONO is Rs 20,000 while the maximum loan amount is Rs 50 lakh. The rate of interest at present SBI is offering on gold loan to the customers is at rate of 7.5%. Loan tenure will be of 36 months (12 Months in case of Bullet Repayment Gold Loan- a product having no repayment obligation during the loan tenor).
SBI has also waived-off the foreclosure charges and pre-payment penalty for customers.
Applying for loan via YONO SBI has multiple benefits:
· Application for loan from the comfort of your home
· Lowest interest rate at 8.25% (0.75% concession is available up to 30.09.2021)
· Less paper work
· Less processing time
· Less in-branch waiting
Here is how to avail gold loan using YONO SBI in 4 easy steps:
1. Apply for loan
a. Login to your YONO account
b. On the home page, click on the menu (three lines) on the top extreme left
c. Click on loans
d. Click on Gold Loan
e. Click on Apply Now
f. Fill in ornament details ( type, quantity, Carat and Net weight) along with all other details available in drop down ( Residential Type, Occupation Type), fill the Net Monthly Income and submit the application
2. Visit branch with gold
a. Visit the branch with gold to be pledged , 2 photos and KYC documents
3. Sign document
4. Get loan
Who can avail SBI Gold Loan?
· Individuals over 18 years of age with steady source of income including
· Pensioners (No Proof of income required)
What are the documents required for availing the SBI gold loan?
· Application for Gold Loan with two copies of photographs
· Proof of Identity with proof of Address