SBI Gold Loan Interest Rate 2024: Processing Fee, Documents Required, Eligibility, How to Apply
A gold loan is a loan taken against your gold assets against a certain interest rate to be paid after the tenure is over. State Bank of India (SBI) offers gold loans to individuals of up to Rs. 50 lakhs against 18-24K gold articles like gold jewellery, gold bonds, etc.
In this article, you will learn various things about SBI gold loans, including the SBI gold loan interest rate in 2024, fees, documents, eligibility, etc.
Highlights of SBI Gold Loan
| Loan Type | SBI Gold Loan |
| Interest Rate | 8.75% - 9.90% |
| Loan Amount | Rs. 20,000 - Rs. 50 lakh |
| Loan Tenure | 3 months - 36 months |
| Processing Fees | 0.50% of the loan amount up to a maximum of Rs. 500 |
Features of SBI Gold Loan
- Customers can avail gold loans between Rs. 20,000 to Rs. 50 lakh against the security of gold ornaments, including gold coins sold by Banks.
- Applicants can avail gold loan for medical expenses, margin money for home loan/ education loan and travel including consumption purpose.
- Customers can repay the gold loans through monthly EMIs (Demand loan) or by paying the principal and interest amount before maturity of loan (Bullet repayment loan).
- The repayment period of the gold loan ranges between 12 months and 36 months, depending on the loan scheme.
- Applicants cannot get gold loan against the security of primary gold i. e., 24-carats gold bars and biscuits.
- The bank will return the gold items provided as security up on repayment of loan.
- SBI gold loan can be availed easily with quick approval and less documentation.
- The processing fees of SBI gold loan charges are 0.25% of the loan amount.
- There is no prepayment penalty or foreclosure charges on SBI gold loan.
SBI Gold Loan Interest Rate 2024
SBI offers various types of gold loans at different interest rates. The tables below provide the SBI gold loan interest rates 2024 for different gold loan schemes:
SBI Personal Gold Loan
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
| Gold Loan EMI based | 8.65% | 1.25% | 9.90% |
| 12 Months Bullet Repayment Gold Loan | 8.65% | 0.50% | 9.15% |
| 3 Months Bullet Repayment Gold Loan | 8.20% | 0.55% | 8.75% |
| 6 Months Bullet Repayment Gold Loan | 8.55% | 0.35% | 8.90% |
SBI Realty Gold Loan
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
| Realty Gold Loan(all variants) | 8.65% | 0.50% | 9.15% |
*The interest rates are as of 02/04/2024
SBI Gold Loan Rate per Gram
According to the State Bank of India, they decide the actual loan amount by checking the gold purity and net weight. The bank does not grant any gold loan based on the security of Primary Gold (For example - 24 carats of gold bars and biscuits).
SBI Gold Loan Interest Rate Agricultural
Under the Multi-Purpose Gold Loan scheme of SBI, a farmer or a person engaged in agriculture can apply for SBI Gold Loan. According to the bank, the interest rate is 1-year MCLR rate plus 1.25%.
Additionally, you have to pay additional charges for the inspection or processing of your loan. Farmers have to pay the charges for loans above Rs. 50,000. For loan amounts between Rs. 50,001 to Rs.2 lakh, the fee is Rs. 500 plus GST.
If your loan amount is more than Rs. 2 lakhs, SBI will take 0.30% of the loan amount and additional GST as an inspection/processing fee.
SBI Gold Loan Eligibility Criteria
State Bank of India has mainly two types of Gold loans. These are the eligibility criteria for the same.
SBI Personal Gold Loan
- The age should be 18 years or above.
- You must have a steady income source. However, you do not need to submit income-proof documents if you are a pensioner or bank employee.
SBI Realty Gold Loan
- The age must be 18 years or above.
- You must be a housing loan borrower of SBI Bank (Existing and new customers are allowed).
SBI Gold Loan Procedure
To avail of an SBI gold loan, you have to pledge gold coins or gold jewellery with minimum documentation. Here is the step-by-step process to apply for SBI gold loan:
Step 1: Log in to the SBI Yono app by entering the MPIN.
Step 2: Click on the ‘Loans’ tab and select ‘Gold Loan’.
Step 3: On the next screen, click on the ‘Apply Now’ button.
Step 4: Enter the required details, such as personal details, gold ornament details, loan amount, and the branch in which you want to deposit the gold ornaments and submit the form.
Step 5: Visit the selected branch and submit the gold ornaments and the required documents.
Step 6: The bank officials will process your application and documents and sanction the loan amount.
You can also visit the bank branch where you have an SBI account, fill out the gold loan application form, and submit it along with the gold ornaments and documents. After processing the gold loan application form, the bank officials will sanction the loan.
Documents Required for SBI Gold Loan
These are the list of documents you need to submit to get your gold loan from SBI:
- Two passport-size photographs
- Address proof (Aadhar card, Voter ID card or driving license)
- Identity proof (Aadhar card, Voter ID card or driving license)
If any additional documents are required, SBI Bank officials will inform you on or before loan approval.
SBI Gold Loan Processing Fee
Below are the processing fees for different SBI gold loan schemes.
SBI Personal Gold Loan
| Scheme | Processing Fees |
| Gold Loan EMI based | 0.50% of the loan amount up to a minimum of Rs. 500 + GST |
| 3 Months Bullet Repayment Gold Loan | Rs. 200 + GST |
| 6 Months Bullet Repayment Gold Loan | Rs. 300 + GST |
| 12 Months Bullet Repayment Gold Loan | 0.50% of the loan amount up to a minimum Rs. 500 and a maximum of Rs. 10,000 + GST |
SBI Realty Gold Loan
| Scheme | Processing Fees |
| Gold Loan EMI based | 0.50% of the loan amount subject to a minimum of Rs. 500 + GST |
SBI Gold Loan Appraiser Charges
State Bank of India will decide your appraiser charges, and you have to bear the same accordingly.
SBI Gold Loan Maximum Limit
SBI offers two schemes under gold loans. However, the maximum limit is Rs. 50 lakh under both the gold loan schemes.
How to Close Gold Loan in SBI?
You can simply close your SBI gold loan by paying your outstanding EMIs. SBI bank allows you to pay your outstanding monthly EMI online and offline. You can close your gold loan after successfully repaying the outstanding loan amount. SBI Bank will provide you with a no-objection certificate (NOC) once you pay your gold loan dues, and your loan account will be closed.
SBI Gold Loan Interest Rate Calculator
Your gold loan interest depends on factors like principal amount, interest rate, and loan tenure. You can use the EMI calculator provided by SBI Bank to calculate your gold loan interest and EMI.
After opening the calculator, you have to enter the principal, annual rate of interest and loan tenure. Then, you will see the total interest and EMI you have to pay.
How To Pay Gold Loan Interest in SBI Online?
You must log in to your internet banking account to pay your SBI gold loan interest online. In case you do not have an account, you need to register your account with SBI net banking.
After logging in to your account, visit the e-payment section and pay your EMI. Add your SBI gold loan account details as a biller and pay your interest from your SBI account by entering the OTP. After a successful payment, you will get a confirmation SMS from SBI.
SBI Gold Loan Customer Care/ Contact Number
You can contact SBI Bank’s customer care team by calling 1800 1234/ 1800 2100 (Toll-free numbers) to get help with your SBI gold loan.
You can also give a missed call on 7208933143 or SMS ‘GOLD’ on 7208933145 to get a call back from SBI’s contact centre to resolve your queries.
SBI is one of India's largest public sector banks where you can avail of great offers on your gold loan. SBI gold loan is a secured loan, so you need to pay lower interest rates on your loan amount. You can apply online or visit your nearest branches to get a gold loan from SBI today.
Other Banks Gold Loan Interest Rates:
1. Lowest Gold Loan Interest Rate in India
2. ICICI Bank Gold Loan Interest Rate
3. HDFC Gold Loan Interest Rate
4. Bank of Baroda (BOB) Gold Loan Interest Rate
5. Canara Bank Gold Loan Interest Rate
6. Axis Bank Gold Loan Interest Rate
7. Central Bank Gold Loan Interest Rate
8. PNB Gold Loan Interest Rate
9. Union Bank Gold Loan Interest Rate
10. Indian Overseas Bank (IOB) Gold Loan Interest Rate
Frequently Asked Questions
Quick Summary
SBI offers gold loans up to Rs. 50 lakhs against 18-24K gold articles with interest rates between 8.75% - 9.90%. The loan tenure ranges from 3-36 months with easy repayment options. SBI gold loan processing fees are 0.50% of the loan amount. Applicants must meet specific eligibility criteria. The loan can be applied for through the SBI Yono app or bank branches. Various documents are required for loan approval.
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