Loan Against Gold Jewellery and Coins from State Bank of India

Unleash the potential of your gold jewellery and gold coins to pay off your high-interest debts

State Bank of India Personal Gold Loan

This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 20 lakh.

Features of SBI Personal Gold Loan

Why this Loan?

  • The SBI Personal Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery/ornaments or specially minted gold coins sold by banks to meet their financial needs
  • This loan scheme can also be availed by borrowers as a consolidation loan to pay off their debts

Loan Amount

  • The minimum loan amount sanctioned under this loan is Rs. 20,000. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 20 lakh

Interest

  • The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR) and a Spread factor. As of October 2020, the interest rate applicable to this loan is 7.50%. SBI Home Loan Borrowers may get a concession of 0.75% in the interest rate for the gold loan

Repayment


  • This loan is repayable within 3 years

Eligibility

  • Borrowers should be above 18 years of age and have a steady source of income
  • Borrowers must be the true owners of the gold ornaments, jewellery or specially minted gold coins sold by the banks

Margin Money (Borrowers Contribution to Total Cost)

  • The bank charges 25% of the value at the time of sanction

Security Needed


  • The bank accepts pledging of gold ornaments or gold coins duly verified for quality and quantity to secure this loan

Processing Charges

  • The bank charges up to 0.50% of the loan amount plus GST for processing this loan with a minimum of Rs. 500

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800