Requests for gold loans increased during the COVID-19 pandemic as people sought to organize funds to meet their emergency cash needs. Many banks and financial institutes have also introduced special offers to help customers get easy loans. In a similar offer, India’s largest public sector bank, the State Bank of India, recently revised its interest rate on gold. SBI offers gold loans starting at just 8.25 percent. The interest rates for SBI gold loans range from 8.25% to 29% depending on various factors. Additionally, clients who apply through its YONO app are also eligible to get an additional 0.75% concession for an application before September 20, 2021.
Gold loans are a form of secured loan where loan seekers can mortgage gold for easy loans at low interest rate. The loan amount in such cases is usually capped at 80 percent of the value of the gold. If you are also looking to explore the options for using gold loans, here is everything you need to know about SBI gold loans.
The gold loans offered by SBI have a term of 36 months and the loan amount has been capped at Rs 50 lakh as the upper limit and Rs 20,000 as the minimum amount.
Anyone over the age of 18 with a stable source of income can go to SBI with a Gold Mortgage to enjoy the benefits of the Gold Loan. Retirees looking for an SBI Gold Loan do not need to provide proof of income.
Interested clients can apply for the loan through the SBI YONO app or by going to their local branch with the required KYC documents.
How to apply for an SBI Gold loan on the SBI YONO application?
– Log in to your SBI YONO account by entering your credentials.
– Click on the menu at the top left of the application home page.
– Tap on the option ‘Loans’ then on ‘Gold loan’
– Click Apply Now.
– Fill in the required information such as amount of gold, type and your personal information.
– Provide details of your income before submitting the request.
In addition, you can visit your nearest bank with KYC documents and two photographs for the application. Your request will be reviewed by the bank before being approved.
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