1 min read.Updated: 04 May 2019, 07:00 AM ISTLivemint
All individuals above 18 years are eligible to apply for personal gold loan from SBI
The process of sanctioning the loan and disbursing the amount is very simple
State Bank of India (SBI) offers the facility of personal gold loans under which a customer can avail a personal gold loan of up to ₹20 lakh. According to the SBI, gold loan can be availed from the bank by pledging gold ornaments including gold coins sold by the banks with minimum paperwork and low interest rates. So anyone having gold assets can use them to avail ready cash for meeting any business or personal needs.
All individuals above 18 years are eligible to apply for personal gold loan from SBI. Individuals can apply singly or on a joint basis and should have a steady source of income. You are not required to give proof of income for the loan.
SBI offers an interest rate of 1.25% above the MCLR (marginal cost of funds-based lending rate) for one year personal gold loans. The bank's one-year MCLR stands at 8.5% with effect from 10 April 2019, according to the bank's website. It means an interest rate of 9.75% is applicable for the SBI personal gold loan scheme.
SBI charges 0.50% of the loan amount and minimum ₹500 (applicable GST on both) as processing fees for the gold loans.