SBI announces discount on gold loan, know how you can apply
The country’s largest bank SBI offers a variety of loans including personal loans, home loans, auto loans and gold loans. Recently SBI has changed the interest rates of Gold Loan. SBI has announced a discount of 0.75 percent on applying for gold loan through YONO app. This discount will be applicable till 30 September. You will get this gold loan at the rate of 7.50 percent. By the way, SBI’s gold loan rate is 8.25 percent. SBI Gold Loan service can be done through YONO SBI Portal with less paperwork and less process, easy and fast.
You can apply from YONO in this way: To apply for SBI Gold Loan like any other loan application, customers need to login to the YONO portal. After that you have to go to the menu. Then on the loan option you will see the gold loan. After selecting which, ‘Apply Now’ will appear on the page. Now the online application form will come with few drop-boxes like – Residential Type, Business Type and Net Monthly Income. After filling all these information, the type of jewellery, quantity, exact carat of gold and net weight of gold will have to be filled.
Processing fee is like this: After filling all the details, the customers have to visit the branch with pledged jewellery, 2 photographs and KYC documents. SBI maximum gold loan is 50 lakhs and minimum amount is 20 thousand rupees. While the processing fee is Rs 500 along with GST or 0.50% of the loan amount. At the same time, the borrowers of the loan also have to pay the gold appraisal fee. The loan tenure is 36 months (12 months in case of gold loan bullet repayment).
Gold Loan Interest Rates in Other Banks: Along with SBI, there are other banks which are providing gold loan service. Some banks are currently charging better interest rates than SBI. Gold is available at 7 per cent in Punjab and Sind Bank. Bank of India is giving it at 7.30 percent. Whereas Canara Bank is giving it a loan of 5 lakhs with a tenure of 3 years at 7.35% interest rates. At present, these three banks are providing gold loan at the lowest rates. Talking about non-banking finance companies, they are also providing gold loans. But their rates are higher than that of public sector banks. Generally, NBFCs are providing gold loans at the rate of 9.12 per cent.
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