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SBI Gold Loan Interest Rate

State Bank of India (SBI) is one of the best banks to avail of a gold loan. SBI gold loan interest rate starts from 8% p.a. for Personal Gold Loan as well as Realty Gold Loan. For any loan amount, the SBI bank gold loan interest rate is fixed at 0.30% above the 1-year Marginal Cost Of Funds Based Lending Rate (MCLR) of the bank, which is 7.70% with effect from 15th September 2022. 

Updated:

Current SBI Gold Loan Interest Rate

Below are the details of current SBI gold loan interest rates with effect from 15.08.2022:

SBI Personal Gold Loan

SBI gold loan interest rate for any loan amount: 0.30% above the 1-year MCLR (7.70%)
Scheme
1 Year MCLR
Spread Over 1 Year MCLR
Effective Rate of Interest 
Personal Gold Loan (all variants)
7.70%
0.30%
8% p.a.

SBI Realty Gold Loan

SBI gold loan interest rate for any loan amount: 0.30% above the 1 year MCLR (7.70%)
Scheme
1 Year MCLR
Spread Over 1 Year MCLR
Effective Rate of Interest 
Realty Gold Loan (all variants)
7.70%
0.30%
8% p.a.

Compare SBI Gold Loan Interest from Other Lenders

Below is the comparison of the SBI gold loan rate of interest with other lenders. You can check the interest rates of top lenders to see which is the best gold loan bank available in India before you apply for the loan.

BankRate of Interest (p.a.)Processing Fee
SBI Gold Loan8%Nil till 31.01.2023
Federal Bank Gold Loan8.49% onwardsUp to 0.80% 
Bank of India Gold Loan7.25% - 8.90%Up to Rs. 125 per lakh; Maximum Rs. 1,000
Bajaj Finserv Gold Loan10% - 28%Rs. 75 (inclusive of applicable taxes)
Bank of Baroda Gold Loan9.20% - 9.30%Up to 0.50% + GST
Canara Bank Gold Loan13% onwards1% 
HDFC Bank Gold Loan7.60% - 16.81%1%
Indian Bank Gold Loan8.25% onwards0.50%
ICICI Bank Gold Loan10% - 17.95%1%
Kotak Mahindra Bank Gold Loan8% - 17%Up to 2% + GST
Axis Bank Gold Loan17% - 19%Up to 0.50%

Features of SBI Gold Loan

Following are the key features of SBI gold loan

  • State Bank of India gold loan can be availed of by pledging gold ornaments including gold coins sold by banks with minimal paperwork and low gold loan interest rate.
  • The loan amount available as an SBI gold loan ranges from a minimum of Rs. 20,000 to and a maximum of Rs. 50 Lakhs.
  • The margin requirements are as follows:
    • Gold Loan: 25%
    • Liquid Gold Loan: 25%
    • Bullet Repayment Gold Loan: 35%
  • The borrower has to pledge their gold ornaments as security, duly verified for quality and quantity.
  • The processing fee is nil till 31.01.2023. Under the Festive Period offer.
  • SBI jewel loan interest rate is 0.30% above the 1-year MCLR (i.e. 7.30%) for any loan amount. The current interest rate is 8% p.a.
  • The applicant also has to pay gold appraiser charges.
  • Margin: 
    • SBI Realty EMI Gold Loan: 25%
    • SBI Realty Liquid Gold Loan (Overdraft): 25%
    • SBI Realty Bullet Repayment Gold Loan: 35%
  • Repayment tenure: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan. 
  • Repayment mode:
    • Gold Loan EMI Based: Under this mode, the repayment of principal and interest begins from the month following the disbursement month.
    • Liquid Gold Loan: It is an overdraft account with a transaction facility, and monthly SBI gold loan interest has to be paid.
    • Bullet Repayment Gold Loan: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan. Drawing power may change according to the current market price of gold within the sanctioned limit.

Types of Gold Loans in SBI Bank

SBI offers the following two types of gold loans:

SBI Personal Gold Loan

  • Minimum loan amount: Rs. 20,000.
  • Maximum loan amount: Rs. 50 Lakhs.
  • Margin: 25% to 35%.
  • Security: Pledge of gold ornaments verified for quality and quantity.
  • State Bank of India gold loan interest rate: 8% p.a.
  • Processing fees: Nil till 31.01.2023.
  • SBI gold loan eligibility: Any individual (singly or jointly) aged 18 years and above with a steady source of income, including the bank’s employees and pensioners. No income proof is required.
  • Repayment mode: Gold Loan EMI Based, Liquid Gold Loan, and 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.
  • Repayment tenure: 12 to 36 months.

SBI Realty Gold Loan

  • Minimum loan amount: Rs. 50,000.
  • Maximum loan amount: Rs. 50 Lakhs.
  • Margin: 25% to 35%.
  • Security: Pledge of gold ornaments verified for quality and quantity.
  • SBI gold loan interest rate: 8% p.a.
  • Processing fees: Nil till 31.01.2023.
  • SBI gold loan eligibility: Existing as well as new housing loan borrowers of SBI aged 18 years and above can apply for this loan.
  • Repayment mode: SBI Realty EMI Gold Loan, SBI Realty Liquid Gold Loan, and SBI Realty 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.
  • Repayment tenure: 12 to 36 months.

Gold Loan Per Gram Rate in SBI

Today's SBI gold loan rate per gram is between Rs. 4,961 to Rs. 5,167. The rate per gram depends on various factors, such as gold rate today, rate of interest, tenure of repayment, gold’s purity and value, gold loan scheme, and so on.

SBI Gold Loan Calculator

You can use our SBI bank gold loan calculator to know the amount you need to pay every month throughout the loan tenure for the SBI gold loan. Knowing your EMI beforehand will help you plan your finances in advance and reduce the chances of default.

Follow the steps mentioned below to use the gold loan calculator:

  • Go to the Gold Loan EMI Calculator page.
  • Enter the desired loan amount, SBI gold loan rate of interest, and repayment tenure
  • Once you enter all the required details, you will see the Equated Monthly Instalment (EMI) amount on the screen.

EMI calculator also assists in determining which gold loan offer is best for you. You can use this tool multiple times without a cost.

SBI Gold Loan Fee & Charges

Following are the charges applicable for SBI gold loan:

  • Interest rate: SBI gold loan interest rate starts from 8% p.a., which is among the lowest gold loan interest rates. The SBI gold loan interest is linked to its 1-year MCLR, which is 7.70% at present. 
  • Processing fee: Currently, the processing fee for the SBI gold loan is Nil till 31.01.2023 under the Festive Period offer. Otherwise, it is 0.25% of the sanctioned loan amount, subject to a minimum of Rs. 250 + applicable GST. Also, if you apply for the loan through YONO mobile app, you don’t have to pay a processing fee. 
  • Gold appraiser charges: Apart from the SBI bank gold loan interest rate and processing charges, you will also be required to pay gold appraiser charges. These are shared at the time of application.

SBI Gold Loan Documents Required

Following is the list of documents required for gold loan at SBI:

  • Documents required to apply for the loan
    • Gold Loan application with 2 copies of photographs
    • Proof of identity and address
    • Witness Letter in case of illiterate borrowers
  • Documents required at the time of disbursement
    • DP Note & DP Note Take Delivery Letter
    • Gold Ornaments Take Delivery Letter
    • Arrangement Letter

How to Apply for Gold Loan in SBI Bank?

You can easily apply for an SBI gold loan online through our website by following the steps given below:

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

You can also apply for the SBI gold loan through any of the following options:

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

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 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.

SBI Gold Loan Interest Rate FAQs

What happens if a gold loan is not paid in SBI?

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The failure to repay 3 consecutive or more payments will ultimately lead to your gold being auctioned off by the bank for recovery since the gold was pledged by you as collateral against the loan. 

How do I repay my gold loan?

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You can repay your gold loan through any of the following repayment modes with 12 to 36 months’ tenure:

  • Gold Loan EMI Based: Under this mode, the repayment of principal and interest begins from the month following the disbursement month.
  • Liquid Gold Loan: It is an overdraft account with a transaction facility, and monthly SBI gold loan interest has to be paid.
  • Bullet Repayment Gold Loan: Maximum 36 months for Gold Loan and Liquid Gold Loan, and 12 months for Bullet Repayment Gold Loan. Drawing power may change according to the current market price of gold within the sanctioned limit.

Does gold loan affect CIBIL?

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Yes, a gold loan influences your credit score. Handling your gold loan payments responsibly will result in improving your credit score. Make sure you repay your gold loan in a timely manner and in full to avoid reducing your CIBIL Score.

How long does it take to get a gold loan from SBI?

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The SBI gold loan application process is hassle-free, and the approval along with disbursal is instant. The time taken depends on the application being accurately and completely filled by the applicant.

What is the process of gold loan in SBI?

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The eligible applicant who wishes to apply for the SBI gold loan has to approach their nearest SBI branch and collect the gold loan application form from the bank. After completing the application form by filling in all the necessary details and attaching the required documents, the applicant has to submit the same to the appropriate bank. On successful approval, the applicant will have the loan amount disbursed instantly.

What is SBI gold loan rate?

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The current SBI gold loan interest rate is 8% for a personal gold loan as well as realty gold loan schemes.

Can I get SBI gold loan from any branch?

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Yes, you can get an SBI gold loan from any SBI branch.

What is the rate of gold loan per gram in SBI?

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Currently, the SBI gold loan rate per gram is between Rs. 4,961 to Rs. 5,167. 

Is a PAN card mandatory for a gold loan?

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No, a PAN card is not a mandatory requirement for an SBI gold loan application.

What happens to gold loans after death?

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After the death of the main borrower, either the co-applicant or guarantor has to repay the loan. Or else the borrower’s family members can also repay the loan. If no one agrees to repay the loan, then the bank seizes the pledged gold for recovery.

How can I reduce my gold loan interest?

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You can reduce your gold loan interest by following the 6 tips mentioned below:

  • Borrow the exact amount that you require.
  • You can choose the bullet repayment method.
  • Prioritise your monthly repayments.
  • Opt for a shorter repayment tenure.
  • Make prepayments or partial payments if you can.
  • Refinance with a lower rate of interest.

How can I check my SBI gold loan status?

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You check the status of your SBI gold loan by visiting the SBI website or downloading the SBI loan app and choosing the specific loan product availed by you. You will have to enter your loan reference number and registered mobile number to check the status of your SBI gold loan.