SBI is offering personal gold loan up to 20 lakh rupees at a mere of 7.75% interest

State Bank of India (SBI) has introduced the power of private gold loan. Under this, the customer can take a loan of up to twenty lakh rupees by keeping gold. consistent with SBI, gold loans are often availed from banks by pledging gold ornaments including gold coins sold by banks with minimum paperwork and low-interest rates. On this, you’ll need to pay only 7.75% once a year, which is far but a private loan.

Who can take a loan?
All persons above 18 years aged are eligible to use for a private gold loan from SBI. Individuals can apply on one or joint basis and must have a stable source of income. you’re not required to supply proof of income for the loan. SBI charges 0.50% of the loan amount and a minimum of 500 rupees (GST applicable to both) as processing fees for gold loans.

The loan has got to be repaid in 36 months, under this loan are often taken for a maximum of 20 lakhs. The minimum loan amount is 20000 rupees. SBI has different payback periods for various schemes. The repayment of the principal and interest of the gold loan will start from the month of disbursement. For a liquid gold loan, the transaction facility and monthly interest are fixed consistently with the overdraft account. In Bullet Repair Gold Loan Scheme, loan repayment is often a payment before the loan period or on account closure. the utmost repayment of both SBI Gold and Gold Liquid Loans is 36 months, while the duration of SBI Bullet Repair Gold Loans is 12 months.

Mode of application
The process of sanctioning loan and disbursement of funds is extremely simple. the subsequent documents are required when applying for a gold loan.

• Application form for a Gold loan in duplicate with two photos.
• Proof of identity with address proof
• Witness letter just in case of illiterate borrowers.

For more details visit the official website of SBI loans.