SBI benefit for gold owners: Get up to Rs 20 lakh from your bank, here is how

Applying for loans can be tricky as banks look at a host of factors before sanctioning money to you. These factors include your payment history, loans taken, your debt repayment history, did you default on debt, your credit score status, your monthly income, your bank account balance, among others. These are like a checklist for the bank to decide your capability for repayment of debt. When there is short term financial requirement, personal loans are best suited, as they are unsecured form of loans and do not need a lot of pledged assets or security measures to apply for them. But urgent need of cash can arise anytime or any day. Did you know to get urgent financial assistance, you can use your idle gold at home to  avail personal loans. This is exactly what the largest lender State Bank of India (SBI) is offering to customers. All you have to do is pledge your gold for personal loans, and they will be taken as your security measure for repayment. 

SBI via its Twitter account says, “Need funds urgently? #SBIPersonalGoldLoans can help you with emergency financial requirements, with loan availability up to ₹20 lakhs. Don't wait, avail today.”

Need funds urgently? #SBIPersonalGoldLoans can help you with emergency financial requirements, with loan availability up to ₹20 lakhs. Don't wait, avail today: https://t.co/10ObqDzlQD#SBI #StateBankOfIndia #SBIGoldLoan #PersonalLoan #GoldLoan #PersonalBanking pic.twitter.com/rMioAka6cD

— State Bank of India (@TheOfficialSBI) April 25, 2019

SBI Gold Loan Scheme

SBI also highlighted that pledging idle gold for personal loans are backed with beneficial features and low interest rates. 

Put your idle gold ornaments to use, with #SBIPersonalGoldLoans , that are packed with beneficial features and a low interest rate! Learn more: https://t.co/10ObqDzlQD#SBI #StateBankOfIndia #SBIGoldLoan #PersonalLoan #GoldLoan #PersonalBanking pic.twitter.com/nwUdEOuGWu

— State Bank of India (@TheOfficialSBI) April 24, 2019

SBI Personal Gold loan can be availed by pledging of gold ornaments including gold coins sold by Banks with minimum paperwork and low interest rate. Age requirement for availing this loan is 18 years and above. It can be any individual jointly, singly with steady source of income even including bank’s employees or pensioners. Here no proof of income is required.

How Much You Can Get

At minimum amount you can avail Rs 20,000 personal loan and maximum up to Rs 20 lakh. 

Repayment Process

The repayment of Principal and Interest will be commenced from the month following the month of disbursement. The repayment period involves 36 months if you have opted for gold loan or liquid gold loan. However, 12 months repayment period is set for bullet repayment gold loan. 

Fee You Need To Pay

For processing the loan, there is a fee of 0.50% of the Loan amount + applicable GST, minimum Rs.500/-+ applicable GST. Interest rates on this personal loan is 1.25% above the 1-year MCLR. 

Where to Apply For SBI Gold Loan And What You Nee To Provide

To apply for the loan, you can visit any SBI branch and fill in application for Gold Loan with two copies of photographs. Your identity and address proof will be needed. Also witness letter in case of illiterate borrowers.