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SBI Gold Loan Per Gram
SBI Gold Loan Per Gram: As the price of gold continues to soar, more people are turning to gold loans as a source of quick and easy financing. The State Bank of India (SBI) is one of the leading providers of gold loans in the country, offering loans against gold at competitive interest rates. In this article, we will take a closer look at SBI gold loan per gram in 2023, including the interest rates, eligibility criteria, and benefits. SBI Gold Loan Per Gram Today is ₹ 2,900 to ₹ 3,450.
Features of SBI Gold Loan Per Gram
SBI gold loan is a secured loan that is provided against gold as collateral. It is a quick and hassle-free financing option that is offered by the State Bank of India (SBI). Some of the key features of SBI gold loan are:
- Loan amount: SBI gold loan offers a loan amount ranging from Rs. 20,000 to Rs. 50 lakh, depending on the value of the gold provided as collateral.
- Loan tenure: The loan tenure for SBI gold loan ranges from 3 months to 36 months, providing customers with flexibility in repayment.
- Interest rate: The interest rate on SBI gold loan is generally lower than the interest rate on unsecured loans since the loan is secured by gold. The interest rate on SBI gold loan starts from 7% per annum and can go up to 10% per annum.
- Loan-to-value (LTV) ratio: SBI offers a high LTV ratio on gold loans, allowing customers to borrow up to 75% of the value of the gold provided as collateral.
- Documentation: The documentation process for SBI gold loan is minimal, and customers are only required to provide identity proof, address proof, and proof of ownership of the gold.
- Repayment options: SBI gold loan provides customers with various repayment options, including regular EMIs, bullet repayment, and overdraft facilities.
- Prepayment: SBI gold loan allows customers to make prepayments without any prepayment charges, making it easier for customers to repay the loan earlier.
- Disbursement: The disbursement of SBI gold loan is quick and hassle-free, and customers can get the loan amount credited to their bank account within a few hours of submitting the application.
SBI Gold Loan Interest Rate Per Gram
The interest rate on SBI gold loan starts from 7% per annum and can go up to 10% per annum. However, the interest rate may vary based on various factors, such as the loan amount, loan tenure, loan-to-value ratio, and the creditworthiness of the borrower.
SBI also offers a special interest rate to its existing customers who have a savings bank account or a current account with the bank. The interest rate offered to these customers may be lower than the interest rate offered to new customers.
It is important to note that the interest rate on SBI gold loan is generally lower than the interest rate on unsecured loans since the loan is secured by gold. The interest rate is calculated based on the reducing balance method, and customers can choose between various repayment options based on their financial situation.
SBI Gold Loan Per Gram Eligibility
To be eligible for SBI gold loan, an individual must meet the following criteria:
- Age: The minimum age for availing SBI gold loan is 18 years, and the maximum age is 75 years.
- Ownership of gold: The individual must be the owner of the gold provided as collateral for the loan.
- Type of gold: The gold provided as collateral should be in the form of jewelry, coins, or bars with a purity of 18 carats or above.
- Loan amount: The minimum loan amount for SBI gold loan is Rs. 20,000, and the maximum loan amount is Rs. 50 lakh, depending on the value of the gold provided as collateral.
- Repayment capacity: The individual should have a regular source of income to repay the loan.
- Credit score: SBI gold loan is a secured loan, and therefore, no credit check is required. However, the individual should not have a history of defaulting on previous loans.
- Documentation: The individual should have valid identity proof, address proof, and proof of ownership of the gold provided as collateral.
In conclusion, SBI gold loan has minimal eligibility criteria, making it accessible to a wide range of customers. Individuals who meet the above eligibility criteria can apply for SBI gold loan and avail of quick and hassle-free financing.
How to Apply SBI Gold Loan Per Gram
You can apply for an SBI gold loan either online or offline. Here are the steps to apply for an SBI gold loan:
- Visit the official website of SBI or go to your nearest SBI branch.
- Fill out the application form for a gold loan and provide details such as loan amount, loan tenure, and collateral details.
- Submit the necessary documents such as identity proof, address proof, and proof of ownership of the gold provided as collateral.
- The bank will then verify the documents and assess the value of the gold provided as collateral.
- Once the assessment is done, the bank will disburse the loan amount to your bank account or provide a demand draft as per your preference.
You can also apply for an SBI gold loan through SBI’s YONO mobile app or by calling SBI’s customer care helpline.
It is important to note that the documentation required for a gold loan may vary based on the loan amount and other factors. It is recommended to contact your nearest SBI branch or visit their official website for more information on the documentation required for a gold loan.
Benefits of SBI Gold Loan Per Gram
SBI gold loan is a popular financing option among individuals who need quick and hassle-free financing. It is a secured loan that is provided against gold as collateral. Here are some of the key benefits of SBI gold loan:
- Quick and hassle-free processing: SBI gold loan can be processed quickly and easily, with minimal documentation. The loan amount can be disbursed within a few hours of submitting the application.
- Competitive interest rates: SBI gold loan offers competitive interest rates, making it an affordable financing option for customers. The interest rates start from 7% per annum and can go up to 10% per annum.
- High loan-to-value ratio: SBI offers a high loan-to-value (LTV) ratio on gold loans, allowing customers to borrow up to 75% of the value of the gold provided as collateral.
- Flexible repayment options: SBI gold loan provides customers with various repayment options, including regular EMIs, bullet repayment, and overdraft facilities. This provides customers with flexibility in repayment based on their financial situation.
- Minimal documentation: The documentation process for SBI gold loan is minimal, and customers are only required to provide identity proof, address proof, and proof of ownership of the gold.
- No prepayment charges: Customers can make prepayments on their gold loans without any prepayment charges, making it easier for customers to repay the loan earlier.
- No credit check: SBI gold loan is a secured loan, and therefore, no credit check is required. This makes it easier for individuals with a poor credit score to avail of this loan.
- Safe and secure: SBI gold loan is a safe and secure financing option since the loan is provided against gold as collateral. The gold is kept safe in the bank’s vault, ensuring the safety and security of the collateral.
FAQ for SBI Gold Loan per Gram
How is gold loan calculated in SBI?
SBI calculates the gold loan amount based on the purity and weight of the gold provided as collateral, and the prevailing market value of gold. The loan-to-value ratio for gold loans is usually up to 75% of the value of the gold provided as collateral.
Which Bank is best for gold loan per gram?
Many banks offer gold loans with competitive interest rates and loan-to-value ratios. The best bank for a gold loan per gram may vary based on factors such as interest rates, processing fees, loan tenure, and other terms and conditions. It is recommended to compare the offerings of various banks and choose the one that suits your needs and requirements the most.
What is the interest of 3 lakh in SBI gold loan?
The interest rate for a 3 lakh gold loan from SBI starts from 7% per annum, and may vary based on various factors such as the loan tenure, loan-to-value ratio, and the creditworthiness of the borrower. The interest charged on the loan will depend on the interest rate and the loan tenure chosen by the borrower.
How to pay SBI gold loan interest?
You can pay the SBI gold loan interest through various modes such as online payment using internet banking, mobile banking or UPI, cheque payment, or by visiting the nearest SBI branch and paying in cash or through a demand draft.
What is the interest rate for 1 lakh gold loan?
The interest rate for a 1 lakh gold loan from SBI starts from 7% per annum, and may vary based on various factors such as the loan tenure, loan-to-value ratio, and the creditworthiness of the borrower.
How much is the EMI for 5 lakh gold loan?
The EMI for a 5 lakh gold loan from SBI would depend on the loan tenure, interest rate, and processing fee charged by the bank. Assuming an interest rate of 7.5% per annum and a processing fee of 0.5% of the loan amount, the EMI for a 5 lakh gold loan from SBI for different loan tenures is as follows:
1. 44,550 2. 23,609 3. 16,627 4. 13,127 5. 10,930 (per month)
Final Words:
In conclusion, SBI gold loan is an excellent financing option for individuals who need quick and hassle-free financing. With a high loan-to-value ratio, flexible repayment options, and minimal documentation, SBI gold loan provides customers with several benefits. It is a safe and secure financing option that can help individuals meet their financial needs.
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