Home Business 3 Gold Loan Offerings by SBI That Are Popular Today

3 Gold Loan Offerings by SBI That Are Popular Today

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SBI Gold Loan

Gold loan by State Bank of India is one of the most popular loans against gold schemes today. You can use it for personal and business purpose, but not for speculative purpose. The SBI gold loan can be utilized for debt consolidation, healthcare, big-ticket purchase, vacation, wedding, travel, education, start-up etc. You can get anywhere between Rs. 20,000 and Rs. 20 lakhs as per the weight, type, purity of the gold. To get a loan from SBI, the gold jewellery should be of 15 grams minimum, while the maximum weight of the gold coins must not be more than 50 grams.

SBI loan against gold tenure is between 3 months and 36 months. Those who have had defaulted in any loan with the bank, in the past, may have some difficulty getting a new loan approved, but when it comes to jewel loan, the eligibility criteria is relaxed. If you are 21 years of age and above, you can apply for this loan. The funds are disbursed usually the same day of the loan approval and valuation of the gold. The loan is an ideal choice to meet requirements of financial emergencies.

Below provided is information of 3 unique gold loan schemes by the State Bank.

  1. State Bank of India Gold Loan

SBI is one of the top providers of gold loan in India. It offers the loan at 10.25% onwards to regular customers. The maximum processing fee is 0.5% of the complete loan amount, lowest fee being Rs. 250. No prepayment and foreclosure charges are taken. Penalties can apply if you default on or delay the repayment. To apply for SBI gold loan, you have to submit the duly signed loan application form with the recent passport-sized photographs. You must provide identity and local residence proof. Aadhar card and PAN card could be mandatory.

There is no need to submit proof of income, employment, income tax etc. Usually the bank will not run a credit check until the loan amount needed is high. Your credit score shall not hinder your chances of getting a jewel loan from the bank. The standard loan against gold scheme by SBI can be utilized in any way you like, but the funds cannot be used for illegal acts.

  1. Gold Loan for Agriculture

The State Bank is a provider of financial and banking services. It has a significant reputation in India and this is why many prefer taking loans from this financial institution. SBI recognizes the difficulties farmers face when it comes to funds for agriculture. Thus, the bank offers special gold loans that can be only utilize for agriculture purpose. Agriculture as an industry, is the backbone of the country, thus, it must be given due attention.

From business loans to personal loans, State Bank of India does it best to offer a mix of borrowing options to the agriculturists. Many farmers prefer a gold loan over other borrowing choices, as it is quick, simple, at a lower rate of interest, and with less stringent eligibility criteria. The applicant only has to submit the necessary identity and residence proof, and proof of agricultural land or activity, for which the loan is being taken.

The bank also provides jewel loan for allied activities to agriculture, such as fishery, dairy, poultry etc. The funds reach the borrower in as less as just a few hours. The loan can cover costs related to post-harvest, crop production, fertilizers and other agricultural purposes. Many farmers use the amount to purchase vehicles and machineries needed for farming activities.

  1. Loan against Gold for Women

The State Bank also has special gold loan scheme for women entrepreneurs. Be it a single woman or a group of women, if any wish to start their own business, then they can take help of a jewel loan from SBI to support her dream to become an entrepreneur. The terms and conditions of such loans are flexible, and the customers also receive a good discount on the standard rate of interest. The usual discount is 1 to 2 percent on the existing SBI gold loan interest rate.

How to Apply for SBI Loan on Gold?

Now that you are aware of the 3 gold loan schemes by State Bank of India, consider the below-given steps as to how to apply for the loan,

  • You can choose either offline or online medium to apply for the jewel loan. If you wish to visit nearest bank branch for offline application, then you should also carry the gold for valuation.
  • In the bank you can enquire about the gold loan offers and select the best that suits your interest. Provide the hard copy of the documents, fill and sign the form, and submit it to the team, who will review the application and get back to you.
  • For online application, you can visit the official website of State Bank and apply from the gold loan application section. Here you have to fill a simple loan application form and submit the soft copy of the documents on the web, and visit the bank with gold for the valuation process.
  • Once the loan is approved, then loan amount gets disbursed to your bank account.

The above-given are details of the gold loan offers by SBI, and how you can apply for it. Read these thoroughly before you choose to apply for a loan against gold with the bank.

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