With Akshay Tritiya round the corner, a person is eligible to take a loan of up to Rs 20 lakh under the State Bank of India personal gold loan scheme.
New Delhi: State Bank of India (SBI) provides various credit facilities, personal gold loans is one of them. With Akshay Tritiya round the corner, a person is eligible to take a loan of up to Rs 20 lakh under the State Bank of India personal gold loan scheme. All the individuals of age 18 years and above are eligible to apply for the personal gold loan. A gold loan can be taken against the pledge of gold ornaments, gold coins, other conventional forms of gold with SBI.
State Bank of India offers the gold loan facility with competitive interest rates and minimum paperwork. SBI offers a minimum gold loan of Rs 20,000 against the pledge of gold with the bank, while, the maximum limit for gold loan is capped at Rs 20 lakh. A person, having a steady source of income, can apply for a gold loan from SBI either singly or jointly.
State Bank of India doesn’t ask to furnish the income details or the proof of income. The repayment period and the applicable interest rate on the gold loan taken from SBI may vary from person to person and the quality of gold pledged with the bank. Most of the conditions with regard to availing a gold loan from are also applicable to SBI employees and pensioners.
A person availing SBI gold loan scheme is required to initiate the repayment of principal amount and the applicable interest on the gold loan from the month following the time of disbursement of a gold loan. However, for SBI liquid gold loan, the repayment is done via an overdraft account with the transaction facility in which the individual has to serve the interest on a monthly basis. For SBI bullet repayment gold loan, the repayment commences on or before the loan/on the closure of the account, SBI said.
State Bank of India has fixed the maximum repayment tenure for SBI gold loan and SBI liquid gold loan at 36 months, while, the repayment period for SBI bullet repayment gold loan is fixed at 12 months. The margin requirement SBI gold loan, SBI liquid loan is 25 per cent, respectively. The bank charges a margin of 35 per cent for SBI bullet repayment gold loan.
According to State Bank of India, the pledge of gold ornaments is duly verified for quality and quantity before the sanction of a gold loan. SBI charges 0.50 per cent of the loan amount and minimum Rs 500 (applicable GST on both) as processing fees for the gold loans and gold appraiser fees. The interest rate on the SBI gold loan begins from 1.25 per cent above the one-year MCLR rate.