SBI gold Loans can be obtained by pledging out the gold, gold jewellery or gold coins held with SBI as collateral. SBI will then return the collateral held with them upon the loan being repaid on a timely basis. SBI offers a Gold Loan Interest Rate @ 8.75% p.a. onwards for loan amounts of up to INR 50 lakhs. In the case of an EMI-based loan, the loan tenure can go up to 3 years, and in the case of loans availed with a bullet repayment option, it can go for 3 months, 6 months, and 12 months.
| Highlights | |
| Maximum Loan Amount | INR 50 lakhs |
| Minimum Loan Amount | INR 20,000 |
| Margin | |
| Gold Loan (EMI Based) | 25% |
| 3 Months Bullet Repayment Gold Loan | 30% |
| 3 Months Bullet Repayment Gold Loan | 30% |
| 3 Months Bullet Repayment Gold Loan | 35% |
Features and Benefits of SBI Gold Loan
Mentioned below are the salient features of SBI Gold Loan:
- Flexible Loan Amount: Borrowers may receive loans ranging from 20,000 to 50 lakh rupees.
- Flexible Payback Period: The maximum time allowed to repay the loan through EMIs is between 12 and 36 months.
- Prepayment: SBI does not levy prepayment fees for loans that are prepaid by the borrower.
- Flexibility in Loan Repayment: Customers can repay their SBI Personal Gold Loans through gold loans, liquid gold loans, or bullet repayment gold loans.
- Gold objects used as security are returned when the loan is repaid.
- Rapid Approval: This loan is simple to obtain and requires little documentation.
- Low Processing Fees: The processing fee charged is 0.25% of the loan amount.
Processing Fees and Charges
Mentioned below are the processing fees and charges that will be applicable when the SBI Gold Loan is applied for:
| Particulars | Charges |
| 3 Months Bullet Repayment Gold Loan | INR 200 + GST |
| 6 Months Bullet Repayment Gold Loan | INR 300 + GST |
| 12 Months Bullet Repayment Gold Loan | 0.50% of the loan amount (Minimum INR 500; Maximum INR 10,000) + applicable GST |
| EMI-based Gold Loan | 0.50% of the loan amount (Minimum INR 500) + applicable GST |
| Others | The Gold Appraiser charges will be paid by the applicant. |
Documents Required
- Mentioned below is the list of documents required to apply for an SBI Gold Loan at the time of application:
- Application Form
- 2 photographs
- KYC Documents to establish address and identity
- Witness Letter in case of illiterate borrowers
- Mentioned below is the list of documents required to apply for an SBI Gold Loan at the time of disbursement:
- Demand Promissory Note & Demand Promissory Note Take Delivery Letter
- Gold Ornaments Take Delivery Letter
- Arrangement Letter
How do you apply for an SBI Gold Loan?
Mentioned below are the steps to apply for an SBI Gold Loan:
Step 1: Log in to the SBI’s YONO app using Username and password.
Step 2: On the menu available on the left-hand side, click the tab “Loans”.
Step 3: From the list of loans available, choose “Gold Loans” and then click on “Apply Now”.
Step 4: Fill out personal details such as name, Date of birth, PAN number, mobile number, address, e-mail ID, etc.
Step 5: Click “Confirm”.
Step 6: Provide the details of the gold ornament against which the loan is to be raised, such as its type, quantity, carat, and net weight. The weight of non-gold materials will not be included.
Step 7: Choose the relevant loan scheme, eligible loan amount, interest rate and tenure of the loan.
Step 8: One can also visit the SBI branch, fill out the gold loan application form, and submit it along with the gold ornaments and documents. The bank officials will then sanction the loan.
SBI Gold Loan Interest Rate
One can log in to internet banking to pay off the SBI Gold loan interest amount online. In cases where an Internet banking account is not activated, one is required to register the account with SBI Net banking. Then, visit the e-payment section, and EMI can be paid. Also, then you are required to add the details of the SBI loan account as a biller and then pay the interest. A confirmation SMS will then be received from SBI. But before making payment, one should be aware of the SBI Gold Loan Interest Rate:
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
| Gold Loan EMI based | 8.65% | 0.95% | 9.60% |
| 3 Months Bullet Repayment Gold Loan | 8.20% | 0.55% | 8.75% |
| 6 Months Bullet Repayment Gold Loan | 8.55% | 0.25% | 8.80% |
| 12 Months Bullet Repayment Gold Loan | 8.65% | 0.20% | 8.85% |
Eligibility Criteria
There are two types of Gold Loans offered by SBI. Mentioned below are the eligibility parameters to be met in order to apply for both of them:
SBI Personal Gold Loan:
- The minimum age of an applicant should be 18 years and above.
- An applicant should have a stable source of income.
- However, no proof of income is required to be submitted in the case of pensioners or bank employees.
SBI Realty Gold Loan:
- The minimum age of an applicant should be 18 years and above.
- An applicant must be a SBI bank borrower (existing and new customers included).
How to Use the SBI Gold Loan Eligibility Calculator?
The SBI Gold Loan Eligibility Calculator to ascertain the maximum loan amount for which one is required to fill out the below-mentioned details:
- Number of Gold Ornaments
- Type of Ornaments – Necklace/ Solid Bangles/ Chain/ Ring/ Gold Coins/ Others
- Net Weight of Ornaments (in gms)
- Caratage of Ornament
After filling out the details, two values will be received: the total value of ornaments and the eligible loan amount, which can be received based on the former.
How to Close a SBI Gold Loan?
Mentioned below are the steps to close a SBI Gold Loan:
Step 1: To close the SBI gold loan, a borrower must first pay all the outstanding dues.
Step 2: The outstanding dues of the SBI Gold Loan can be repaid both online and offline.
Step 3: When all the outstanding dues are cleared, SBI will then provide a No-Objection Certificate (NOC).
Step 4: The SBI Gold Loan will then be closed.
SBI Gold Loan Customer Care Number
If you have any queries, grievances, or suggestions, you can contact 1800 1234/ 1800 2100 (Toll-free numbers). You can also give a missed call on 7208933143 or SMS ‘GOLD’ on 7208933145 to receive a call back from SBI.
