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SBI Gold Loan

State Bank of India (SBI) offers two types of gold loans, i.e. SBI Personal Gold Loan and SBI Realty Gold Loan. You can avail of up to Rs. 50 Lakhs as SBI gold loan amount at an attractive interest rate starting from 7.80% p.a. And repay the borrowed amount in up to 36 months tenure.

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SBI Bank Gold Loan Features

SBI gold loan comes with various attractive features. Following are the key features offered on SBI bank gold loan:

  • Purpose of loan: SBI gold loan amount can be used for a variety of financial needs such as education, marriage, vacation, medical treatments, and so on. However, the funds should not be used for speculative activities.
  • High loan amount: You can avail of a loan amount of as low as Rs. 20,000 to up to a maximum of Rs. 50 Lakhs from SBI as a gold loan. The amount can be used for any purpose (like wedding, vacation, medical expenses, etc.), just like a personal loan.
  • Margin requirement: The margin requirement for the SBI bank gold loan is as follows
    • Gold Loan: 25%
    • Liquid Gold Loan: 25%
    • Bullet Repayment Gold Loan: 35%
  • Security requirement: To obtain the state bank gold loan, you will be required to pledge your gold ornaments and/or gold coins that are duly verified for their quality and quantity.
  • Rate of interest: The SBI gold loan interest rate for any loan amount is 0.30% above the 1 year Marginal Cost of Funds based Lending Rate (MCLR) of the bank. The current interest rate is 7.80% p.a. (1-year MCLR of 7.50% + 0.30%).
  • Processing fees: The processing fee for obtaining an SBI gold loan is nominal and currently stands at 0.25% of the sanctioned loan amount, subject to a minimum of Rs. 250 plus applicable GST. The processing fee is nil if applied through the YONO app. Apart from the processing fee, the applicant will also be required to pay gold appraiser charges.
  • Repayment tenure: The maximum repayment tenure available for SBI gold loan is as follows: 
    • Gold Loan: Up to 36 months
    • Liquid Gold Loan: Up to 36 months
    • Bullet Repayment Gold Loan: Up to 12 months
  • Repayment modes: SBI bank gold loan can be repaid via any of the following modes:
    • Gold Loan EMI Based: Under this method, the repayment of principal and interest amount will be commenced from the month following the disbursement month
    • Liquid Gold Loan: Under this mode, the repayment can be made by an Overdraft Account with a transaction facility, and monthly interest has to be served.
    • Bullet Repayment Gold Loan: The repayment has to be done on or before the term of the loan or on the closure of the account.
  • Online EMI calculation: You can use the SBI gold loan calculator or EMI calculator to calculate the SBI gold loan EMI instantly before applying for the loan. 
  • SBI Realty Gold Loan: SBI also offers SBI Realty Gold Loan to its existing as well as new housing loan borrowers. All the features of this product are similar to the SBI Personal Gold Loan.
Loan amountRs. 20,000 to up to a maximum of Rs. 50 Lakhs
TenureUp to 36 months
Rate of interest7.80% p.a.
Processing fee0.25% of the loan amount (minimum Rs. 250) + GST; Nil if applied through YONO
Margin25% - 35%
SecurityGold ornaments and coins
Minimum age18 years and above 

SBI Gold Loan Interest Rate

The SBI gold loan interest rate is linked to the 1 year MCLR of the bank. The current 1 year MCLR of SBI is 7.50%, effective from 15th July 2022. SBI gold loan rate of interest till 30th September 2022 is mentioned below:

Scheme1 Year MCLRSpread Over 1 Year MCLREffective Rate of Interest
SBI Personal Gold Loan7.50%0.30%7.80% p.a.
SBI Realty Gold Loan - For SBI Housing Loan Customers 7.50%0.30%7.80% p.a.

SBI Gold Loan Document Required

You will be required to submit the following documents to apply for SBI gold loan:

  • Documents required to apply for the loan
    • Application form: Duly filled and signed gold loan application form 
    • Photographs: 2 passport size photographs have to be submitted along with the application form.
    • Proof of identity: A valid government approved identity proof like a PAN Card, Driving License, Voter’s ID, Passport, Aadhaar Card, etc.  
    • Proof of address: A valid government approved address proof like Utility Bills, Passport, Driving License, Aadhaar Card, Passport, etc.
    • Witness Letter: This document is required in case the borrower is illiterate.
  • Documents required at the time of disbursement
    • DP note and DP Note Take Delivery Letter
    • Gold ornaments Take Delivery Letter
    • Arrangement Letter

Eligibility Criteria for SBI Gold Loan

The eligibility criteria for SBI gold loan are simple and easy to meet. The SBI gold loan eligibility criteria are mentioned below in detail:

  • Age: The applicant must be aged 18 years and above to be eligible to apply for SBI gold loan.
  • Profession: The state bank gold loan can be availed of by any individual (either singly or jointly) who has a steady source of income, including bank’s employees, and pensioners.
  • Income proof: No proof of income is required to apply for an SBI bank gold loan. However, the applicant should have a steady source of income to service the loan. 

Compare SBI Gold Loan to Other Lenders

Below is the comparison of SBI gold loan with gold loans of other lenders in terms of the loan amount, gold rate of interest, processing fees, and repayment tenure:

LenderRate of Interest (Per Annum)Processing FeesMaximum Loan AmountMaximum Tenure
SBI Gold Loan7.80%0.25% of loan amount + GSTRs. 50 Lakhs36 months
ICICI Gold Loan10% - 17.95%1% of loan amount + GSTRs. 1 Crore12 months
HDFC Gold Loan7.60% - 16.81%1% of loan amount + GSTRs. 1 Crore24 months
Axis Bank Gold Loan14.5%Up to 0.50% of loan amount + GST Rs. 25 Lakhs36 months
Kotak Mahindra Bank Gold Loan8% - 17%Up to 2% of loan amount + GSTRs. 1.5 Crores48 months
Muthoot Finance Gold Loan 12% - 22%1% of loan amountNo maximum limit12 months

SBI Gold Loan Fee & Charges

Following are the charges applicable for state bank gold loan:

  • Interest rate: SBI offers gold loan at 7.80% p.a. rate of interest, which is among the lowest gold loan interest rate. The SBI gold loan interest rates are linked to the 1 year MCLR of the bank, which is 7.50% at present. 
  • Processing fee: The processing fee for obtaining an SBI gold loan is 0.25% of the sanctioned loan amount, subject to a minimum of Rs. 250 plus applicable GST. You don’t have to pay a processing fee if you apply for the loan through SBI’s mobile app YONO.
  • Gold appraiser charges: Apart from the interest rate and processing fee, the applicant will also be required to pay gold appraiser charges. These charges are shared at the time of application.

How to Apply for State Bank Gold Loan

You can apply for an SBI gold loan through our website. Just follow the steps given below:

  • Visit MyMoneyMantra and Click on the Gold Loan icon mentioned under the Loans dropdown menu.
  • Fill in the online application form by entering the required details like your name, phone number, email id, loan amount, address, etc.
  • Click on the checkboxes.
  • Click on the ‘Let’s Go’ button to complete your application. 
  • The best gold loan offers will be displayed on your screen according to your eligibility.
  • Choose the one that meets our requirements. 
  • Our gold loan experts will get in touch with you soon. 

You can also apply for the SBI bank gold loan through any of the methods mentioned below:

  • Visit the official website of the bank and fill up the gold loan application online under the Gold Loan page. 
  • Dial 1800-11-2211 for information regarding the state bank gold loan application process through Contact Centre.
  • Give a missed call on 7208933143 to get a call back from SBI’s Contact Centre.
  • SMS “GOLD” on 7208933145 to get a call back from SBI’s Contact Centre

Gold Loan offers from India’s most
trusted banks

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Get Gold Loan with No EMI Option from Rupeek

Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 9.69% p.a. You can avail of emergency loan ranging from Rs 15000 to Rs 1.5 crore against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.

Gold Loan FAQs

What is the SBI gold loan rate?

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SBI gold loan interest rate is 7.80% p.a. till 30th September 2022.

What is the SBI gold loan per gram rate?

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SBI gold loan per gram rate today is Rs. 2,900 to Rs. 3,450.

Is SBI gold loan safe?

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Yes. SBI is the best public sector bank in India. SBI safely returns the submitted collateral (gold ornaments and/or coins) on the timely repayment of the loan amount. It is safe to avail of an SBI gold loan. Just make sure to repay the borrowed loan amount on time.

How do I repay my gold loan?

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SBI gold loan can be repaid via any of the following modes:

  • Gold Loan EMI Based: Under this method, the repayment of principal and interest amount will be commenced from the month following the disbursement month.
  • Liquid Gold Loan: Under this mode, the repayment can be made by an Overdraft Account with a transaction facility, and monthly interest has to be served.
  • Bullet Repayment Gold Loan: The repayment has to be done on or before the term of the loan or on the closure of the account. 

You can use the SBI gold loan calculator or EMI calculator to know your EMI before applying for the loan to make repayment easier.

Can I renew SBI gold loan online?

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No. The SBI gold loan renewal can be done offline by visiting the nearby SBI branch.

Is a PAN card mandatory for a gold loan?

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No. A PAN card is not mandatory to avail of a gold loan.  

Is a receipt required for a gold loan?

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No. As the lending bank usually has an appraiser for evaluating the gold ornaments/coins to be pledged for a gold loan, you are not required to submit any receipt. 

Does a gold loan require income proof?

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SBI is the best gold loan bank as you do not require any income proof to get a gold loan from SBI.

How much time does it take to process a gold loan application?

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SBI takes up to 3 days to convey its decision on retail loans, including the gold loan. As soon as the loan is approved, the amount is disbursed within a few days’ time. You can expect instant processing of the gold loan after the bank has checked the gold for weight and purity.

How to check SBI gold loan status?

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You can visit the website of SBI or download the SBI loan app and check the status of the SBI gold loan under the specific loan product. Just enter your reference number and registered mobile number to check the status of your loan.

What is the SBI Gold Loan customer care number?

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You can dial 1800-11-2211 to contact the SBI Gold Loan customer care number and enquire about the SBI gold loan and its application process.