SBI Gold Loan|How to Apply for Gold loan

 SBI Gold Loan| How to Apply for Gold loan

So hello friends we are back again with a fresh new article , so as we all know that in today's world the money plays a very very important role in our life . If we have to go anywhere , buy anything or anything else which we want then the money plays a crucial role in a common man's life. If anyone wants to do his business , buy home, buy car or any other thing which requires a lot of money then we have brought SBI personal gold loan. This loan will be given to you very easily by SBI bank which is a very famous bank in India but it will require your Gold ornaments as a security. Let us know about the features, rate of interest , processing fee, tenure rate, eligibility criteria of SBI personal gold loan.

Features of SBI Personal Gold Loan:

Let us talk about the main features of SBI personal gold loan which are provided by the bank:

1. The minimum amount of loan which we can withdraw from it is rupees 20,000.
2. The maximum amount of loan which we can withdraw from it is rupees 50lacs.
3. The gold loan margin of SBI personal gold loan is 25%.
4. The liquid gold loan margin of SBI personal gold loan is 25%.
5. The bullet repayment gold loan margin of SBI personal gold loan is 35%.

These were the features of SBI personal gold loan. Now we will talk about the Interest rate provided by SBI personal Gold loan.

Interest Rate of SBI personal Gold loan:

Let us discuss about one of the most important thing of SBI personal gold loan that is rate of interest. Basically due to covid there are some changes in the interest rate of this personal gold loan which are as follows:

The rate of interest for all the people is generally 7.30%.For the covid warrior on EMI and Liquid it is also same that is 7.30%. But for the covid warrior on the bullet repayment it is 7%.

All these interest rates are according to MCLR which is Minimal Cost of Funds Lending Rate.

Lets talk about the processing fee of SBI personal Gold Loan.

Processing fee of SBI personal Gold Loan:

Now we will discuss the processing fee provided by SBI personal gold loan, if you dont know what is this then the processing fee is the amount deducted by the loan lender for their expenses. The processing fee of SBI personal gold loan is only 0.25%. The GST is negligible if you have applied for this personal gold loan from YONO SBI.

Lets talk about its eligibility criteria.

 Eligibility Criteria of SBI personal Gold Loan:

Now we will discuss the basic eligibility criteria needed for SBI personal gold loans:

• The person must be the citizen of India.
• The age of the loan taker must be above 18 years.
• The individual must have a steady source of income .
• There is no need of income proof. 

These were the main eligibility criteria for the personal gold loan. Lets head towards the repayment system of SBI personal loan.

 Repayment of SBI personal Gold Loan:

Now let us discuss one of the main factor needed for the SBI personal gold loan which are as follows:

The repayment of this loan is based on mainly two factors which are repayment mode and repayment period.

Lets talk first about the repayment mode of this personal gold loan;

There are mainly 3 types of repayment mode for this loan which are -Gold loan EMI based, Liquid loan, Bullet repayment gold loan. now we will talk about all of them which are given below:

1 For Gold loan EMI based repayment system , the repayment of the principal amount and the interest is commenced from the month after the month of disbursement.

2 For liquid loan , this gives the facility of overdraft account with transaction.

3 For bullet repayment gold loan, the repayment is on or before the term of closure of the account.

Now lets talk about the second repayment mode base which is repayment period which are as follows:

1 The maximum repayment period for gold loan is 36 months.

2 The maximum repayment period for liquid gold loan is 36 months.

3 The maximum repayment period for bullet repayment gold loan is 12 months.

NOTE:Its drawing power may fluctuate because of the market imbalacement.

 

Documents Needed for SBI personal Gold Loan:

Lets talk about the main thing of the article which is the documents needed to take SBI personal gold loan:

• The person must have his valid address proof.
• He must have the application of the gold loan with atleast his 2 photographs.
• There must be a witness letter in case of any mischief.
• There must an arrangement letter with him.
• There is need of delivery letter because of gold ornaments.
• The person must have DP note and DP note take delivery letter.

So these were the main documents needed for the SBI personal gold loan.

How to apply SBI personal Gold Loan:

Now we will get to know about the other main thing which you all are waiting for which is how to apply for the SBI personal Gold loan. So , there are mainly 2 modes for applying this loan one is offline mode and other is online mode.

In the offline mode one have to go to the bank branch and provide all the documents needed to them for registration and all the other stuff which takes many time.

If we talk about the online mode then here are the steps to apply for this personal gold loan from your home:

1 First download the YONO SBI app from google play store if you are an android user or if you use IOs then download the app from App store.

2 Now you have to sign up or log in .

3 After that you have to chose the SBI personal gold loan option from loan option.

4 Now you have to provide your phone number and other personal details needed by them for verification.

5 After sometime the bank official will call or you also can contact to check the verification of your profile.

6 Now after all the things you have to provide your bank account details.

7 After approval you will get the loan amount in you bank amount.

NOTE:These all above steps may not be as same as written because of the app update but it is mostly similar.

So guys this was the full article on the SBI personal gold loan and if you liked this blog then please let us know, till then bye.