SBI Gold Loan Interest Rate 2024: Processing Fee, Documents Required, Eligibility, How to Apply

By Mayashree Acharya

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Updated on: Feb 29th, 2024

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17 min read

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.

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

Scheme1-year MCLRSpread over 1 year MCLREffective Interest Rate
Gold Loan EMI based8.65%0.95%9.60%
12 Months Bullet Repayment Gold Loan8.65%0.20%8.85%
3 Months Bullet Repayment Gold Loan8.20%0.55%8.75%
6 Months Bullet Repayment Gold Loan8.55%0.25%8.80%

SBI Realty Gold Loan

Scheme1-year MCLRSpread over 1 year MCLREffective Interest Rate
Realty Gold Loan(all variants)8.65%0.20%8.85%

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 following 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

SchemeProcessing Fees
Gold Loan EMI based0.50% of the loan amount up to a minimum of Rs. 500 + GST
3 Months Bullet Repayment Gold LoanRs. 200 + GST
6 Months Bullet Repayment Gold LoanRs. 300 + GST
12 Months Bullet Repayment Gold Loan0.50% of the loan amount up to a minimum Rs. 500 and a maximum of Rs. 10,000 + GST

SBI Realty Gold Loan

SchemeProcessing Fees
Gold Loan EMI based0.50% 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

What is the gold loan interest rate in SBI?

The interest rate varies depending on different gold loan schemes. The interest rates for SBI gold loans vary from 8.75% to 9.60%. 

What is the interest of 1 lakh in SBI gold loan?

The interest rate varies depending on different SBI gold loan schemes. The interest rates for Rs.1 lakh gold loan varies from 8.75% to 9.60%. 

What is the interest of 5 lakh in SBI gold loan?

The interest rate varies depending on different SBI gold loan schemes. The interest rates for Rs.5 lakh gold loan varies from 8.75% to 9.60%. 

How do I take a gold loan from SBI?

You should visit your home branch or the nearest SBI branch to take a gold loan from SBI. You can also apply for this loan online on the SBI Yono app. 

How to calculate gold loan interest in SBI?

You can calculate gold loan interest by using the SBI loan EMI calculator tool. Enter your loan amount, rate of interest and loan tenure. After entering the data, you will see the amount you have to pay towards your interest.

How to close a gold loan in SBI?

To close your gold loan in SBI, you need to clear your outstanding dues, including the principal and interest amount. Once you fully pay your loan, the bank will close your loan account and complete other steps to close your gold loan. 

How to renew a gold loan in SBI?

You need to submit proof of identity (national identity card, passport, or driver's licence), proof of address (bank statement, utility bill, rental agreement), bank statements (for self-employed individuals), salary slip (salaried individuals), and a gold jewellery appraisal certificate for the last three months to renew your Gold loan. 

How to check the gold loan balance in SBI?

You can sign in to your SBI net banking account to check your gold loan balance. You can also open the Yono SBI app to check your gold loan balance.

How to check gold loan status in SBI?

You can visit the SBI loan application status checker page to track your Gold loan status. Enter your application reference number and mobile number, and click the track button to check the status.

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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Quick Summary

State Bank of India (SBI) offers gold loans to individuals up to Rs. 50 lakhs against gold assets. Different schemes have varying interest rates. Eligibility criteria include age and income source. Applying involves pledging gold assets with minimal documentation. Required documents include ID proofs and photographs. Charges and processing fees apply. SBI offers a maximum loan limit of Rs. 50 lakhs and allows for online EMI payments.

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