People who need cash in emergency usually take a personal loan or gold loan in that situation. A gold loan is always a better option than a personal loan, as it has a lower interest rate. In addition, you also get flexible repayment options in gold loans.
The country’s largest lender State Bank of India (SBI) offers personal gold loans from customers, in which customers can take loans up to Rs 20 lakh. This loan is available to all people above 18 years of age. The good thing is that you do not need to give any income proof information to take a gold loan. Banks usually offer up to 75 percent of the gold price as a loan.
State Bank of India has recently given information about the gold loan by tweeting. The bank wrote in a tweet, ‘Business ke liye achhi investment chaho toh #PehleSBI socho. (If you want a good investment for the business, then think of SBI first.)Apply for a gold loan at SBI and enjoy many other attractive deals like 7.50% interest rate and zero processing fees. For call back, give a missed call to 7208933143 or message GOLD to 7208933145. Let us know in detail about the SBI Gold Loan.
Eligibility criteria
Age: Any person 18 years of age or older can apply for a gold loan in SBI.
Profession: Any person (singly or jointly) with a stable source of income, including bank employees, pensioners. There is no need to show any proof of income.
Limit
Maximum loan amount: Rs 50 lakhs
Minimum loan amount: Rs 20,000
Margin
Gold loan: 25 percent
Liquid gold loan: 25 percent
Bullet repayment gold loan: 35 percent
Processing Fee: 0.25% of the loan amount + GST. No processing fee will be charged on the application by YONO App.
Rate of interest: MCLR (1 year) +0.50 percent. Currently, the effective interest rate on gold loan is 7.50 percent.
Repayment period
Gold loan: 36 months
Liquid Gold Loan: 36 months
Bullet Repair Gold Loan: 12 months
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