Gold loan demands shot up during the COVID-19 pandemic as people looked to arrange funds to meet their emergency cash requirements. Many banks and financial institutes also introduced special offers to help customers in getting easy loans. In a similar bid, India’s largest public sector bank State Bank of India recently revised its gold loan interest rate. SBI is offering gold loans from as low as 8.25 per cent. The SBI gold loan interest rates vary from 8.25 per cent to 29 per cent depending upon various factors. Further, customers applying through its YONO app are also eligible to get an additional concession of 0.75 per cent for application before September 20, 2021.
Gold loans are a form of secured loan where loan seekers can mortgage gold to get easy and low-interest loans. The loan amount in such cases is generally capped at 80 per cent of the gold value. If you are also looking to explore options of availing Gold Loans, here’s everything you need to know about SBI Gold loans
Gold loans offered by SBI come with a tenure of 36 months and the quantum of loan has been capped at Rs 50 lakh as the upper limit and Rs 20,000 as the minimum amount
Any individual above the age of 18 and with a steady source of income can approach SBI with a gold mortgage to avail of the benefits of the gold loan. Pensioners seeking an SBI gold loan don’t need to provide any proof of income.
Interested customers can apply for the loan through the SBI YONO app or by visiting their local branch with required KYC documents.
How to Apply for an SBI Gold loan on the SBI YONO app?
— Login to your SBI YONO account by entering your credential.
— Click on the top left menu on the home page of the app.
— Tap on the ‘Loans’ option and then on ‘Gold loan’
— Click on Apply now.
— Fill in the required details such as the gold quantity, type and your personal information.
— Provide your income details before submitting the application.
Further, you can visit your nearest bank with KYC documents and two photographs for the application. Your application will be reviewed by the bank before getting approval.