BackGold loan: This PSB offers 50% waiver on processing fees, competitive interest rates
SBI offers gold loans for an amount ranging as low as ₹20,000. The maximum loan amount is ₹50 lakh.
PremiumA gold loan is a secured form of loan that a lender offers. Borrowers keep their gold ranging from 18 carats to 24 carats with the lender for availing capital. Gold loans usually have a lower interest rate compared to other term loans, while they also have faster processing and flexible repayment options. The largest public sector lender, State Bank of India (SBI) is offering a competitive interest rate and a 50% waiver on the processing fee.
On Sunday, SBI through its Twitter account said, "With quick sanctioning & flexible repayment, get sparkling deals on SBI Gold Loan." One of the easiest ways to apply for a gold loan is through SBI's YONO app.
SBI offers gold loans for an amount ranging as low as ₹20,000. The maximum loan amount is ₹50 lakh.
The bank has a 25% margin each on gold loans and liquid gold loans. While the margin is 35% on bullet repayment gold.
The borrowers can pledge their gold ornaments duly verified for quality & quantity.
It has processing fees of 0.25% of the loan amount which would be minimum at ₹250 plus applicable GST. Also, gold appraiser charges will be paid by the Applicant.
Further, in terms of interest rate, SBI imposes 0.30% above the MCLR 1-year rate.
SBI's Marginal Cost Of Funds Based Lending Rate (MCLR) for 1-year tenure is at 7.20%.
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