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Home >Money >Personal Finance >SBI offers interest rate discount on gold loan. How to avail via YONO SBI

The demand for gold loans has been strong amid the covid-19 crisis. The interest on gold loans varies, ranging between 7% and 29%. SBI Gold Loan can be availed by a pledge of gold ornaments including gold coins sold by banks with minimum paperwork and low-interest rate. In the current times, gold loans are the safest and easiest way to procure instant funds during an emergency.

Applying for a loan via YONO SBI has multiple benefits:

  • Application for a loan from the comfort of your home
  • The lowest interest rate at 8.25% (0.75% concession is available up to 30.09.2021)
  • Less paperwork
  • Less processing time
  • Less in-branch waiting

How to avail of the gold loan using YONO SBI in 4 easy steps:

1) Apply for a loan

  • Login to your YONO account
  • On the home page, click on the menu (three lines) on the top extreme left
  • Click on loans
  • Click on Gold Loan
  • Click on Apply Now
  • Fill in ornament details ( type, quantity, Carat and Net weight) along with all other details available in the dropdown ( Residential Type, Occupation Type), fill the Net Monthly Income and submit the application

2) Visit branch with gold

  • Visit the branch with gold to be pledged, 2 photos and KYC documents

3) Sign the document

4) Get a loan

Who can avail SBI Gold Loan?

  • Individuals over 18 years of age with a steady source of income including
  • Pensioners (No Proof of income required)

Documents required

  • Application for Gold Loan with two copies of photographs
  • Proof of Identity with proof of Address

Loan amount

Minimum – 20,000

Maximum – 50 lac

Rate of interest

At present, SBI is offering gold loans to the customers at the lowest interest rate of 7.5%

Loan tenure

36 months (12 Months in case of Bullet Repayment Gold Loan- a product having no repayment obligation during the loan tenor)

Where to apply for this loan?

YONO

·SBI Branch

Foreclosure fee – The bank has also waived off the foreclosure charges and pre-payment penalty for customers

Gold price

On MCX, gold futures were down moderately at 47,888 per 10 gram. Global gold rates were subdued too

Best rate for gold loans

In gold loans, interest rates are an essential factor to consider as they vary widely. However, borrowers should look at other factors, too. For example, many lenders, like Punjab & Sind Bank, Canara Bank and Punjab National Bank, offer gold loans for up to one year. Some lenders, like Kotak Mahindra Bank and Bandhan Bank, offer gold loans for a tenure of up to four years and three years, respectively.

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