State Bank of India’s personal gold loans can be availed by pledge of gold ornaments including gold coins sold by banks. Any individual (singly or jointly) of 18 years or above with steady source of income including bank’s employees, pensioners are eligible to take personal gold loans with State Bank of India (SBI). However, no proof of income is required for the same, according to SBI’s website- sbi.co.in. Applicants are just required to produce application for gold loan with two copies of photographs and proof of identity with proof of address. Witness letter is required in case of illiterate borrowers, said SBI. (Also read: All You Need To Know About SBI Gold Deposit Scheme)

Given below are key things to know about SBI’s personal gold loans

Interest rate

SBI offers an interest rate of 1.25 per cent above the MCLR (Marginal Cost of funds based Lending Rate) for 1 year in case of personal gold loans.

Loan amount

The minimum amount that can be availed under SBI’s personal gold loan is Rs 20,000. The maximum loan amount that can be availed is Rs 20 lakh, according to SBI’s website.

Repayment mode and period

The repayment period of SBI’s personal gold loan is 36 months. The repayment of principal and interest are commenced from the month, following the month of disbursement, according to SBI.

Margin

SBI offers a margin of 25 per cent on personal gold loans.

Processing fees and other charges

SBI charges a processing fee of 0.50 per cent of the loan amount plus applicable GST. Applicants are also required to pay gold appraiser charges.

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