Do you want to apply for SBI Gold Loan online? If answer is yes, here is one stop guide to help you to submit application for SBI gold loan online. SBI offer low interest gold loan with simple and hassle free documentation. It helps people to get easy credit during cash crunch or even emergencies.
Gold loan can be availed by pledging gold assets, ornaments, coins to met any business or personal needs. Any individual above 21 years of age is eligible to apply for loan against gold from SBI. Borrower can apply either singly or jointly and should have a steady source of income. However, there is no need to submit the income proof for loan.
How to Apply for SBI Gold Loan Online – Explained in detail
In our last article, we have discussed in detail about SBI gold loan eligibility, interest rates, documents required, application process, repayment etc. In this article, we will guide you how to apply for gold loan online in detail.
Why SBI Gold Loan
- Low interest rates – SBI is country’s largest lender public sector bank offering loan against gold or jewel at lower interest rates.
- Low Processing charges – Processing Charges of SBI Gold loan are low as compared to other banks or financial institutions.
- No hidden cost or administrative charges
- Easy and hassle free documentation – You can avail SBI gold loan with minimum paper work.
- No Prepayment charges or penalty – If you want to prepay gold loan amount before tenor, there is no prepayment charges levied by the bank.
Apply for SBI Gold Loan Online – Step wise Procedure
Application for Gold loan through online mode is very simple and easy. Get an easy gold loan to met your emergency or personal needs. You can use the credit for medical emergency, education, wedding, vacations or business.
You must decide in advance the exact requirement or how much loan you need, before submitting your application online for loan.
You can apply online for SBI gold loan online, follow the step by step application process.
Step 1 – Visit the website – https://onlineapply.sbi.co.in/personal-banking/gold-loan
Step 2 – Get Eligibility – SBI will check your eligibility for personal gold loan. Fill in your personal, financial (income detail) and workplace details.
Step 3 – Loan Offer – A loan offer will be given as per your eligibility. Check the loan amount, tenor and proceed.
Step 4 – Complete Application – Finally complete your application by submitting the required documents with nearest SBI branch.
Step 5 – Get your loan sanctioned after duly verification of documents and gold asset with bank.
Step 6 – Money will be credited in due course in your saving account.
How Gold Ornaments or Jewels are Assessed ?
Once you submit the loan application online. Bank representative will contact you and ask you to visit the branch will complete documents and gold assets. Your Gold assets, ornaments, coins or jewels will be assessed for weight and purity. A reputed goldsmith on the panel of bank will appraise the value of the gold.
Loan amount will be then decided by bank using Gold Loan calculator tool which is available on bank’s website.
SBI Head Office decide the maximum loan amount or rate per gram which can be sanctioned on a fortnightly basis. It is further conveyed to zonal offices and branches of SBI.
Conclusion –
If you are looking to avail personal loan, consider to apply for Gold Loan. Borrower’s CIBIL score plays an important role in approval or rejection of loan in case of personal loan. But in case of Gold loan, credit score doesn’t matter as the loan amount is secured by Gold assets. If borrow fails to repay the loan, bank will sell the gold to recover the loan. Gold Loan is available quickly with less paper work.
Frequently Asked Questions on SBI Gold Loan
What is eligibility criteria for SBI Gold Loan?
- Applicant must be above the 21 years of age at the time when applying for loan.
- Borrower must be existing customer of SBI, having an account with the bank.
- An individual of any profession with steady source of income can avail the loan.
- Proper introduction of the borrower and minimum capacity to service the interest will be sufficient to determine eligibility
What documents I need to submit to avail Gold Loan?
- Application Form for Gold Loan
- Two Passport Size Photograph
- Witness Letter in case the applicant is illiterate
- Proof of Identity (Aadhar, PAN,DL, Voter ID,Passport)
- Proof of Address (Voter ID, Aadhar Card, Rent Agreement, Utility Bill, Bank Statement)
What are the processing fees or charges of SBI Gold Loan?
Processing fees or charges varies with amount of loan and gold kept as security.
For BIS Hallmarked Jewellery / Ornaments and specially minted Gold Coins sold by banks :
- 50% of the loan amount + applicable GST
- (Min – ₹ 250/- , Max – ₹ 500/-) + applicable GST
For Non Hallmarked Jewellery/ Ornaments
- Up to ₹ 25000 – ₹ 250 per application + applicable GST
- Above ₹ 25000 – 0.50% of the loan amount + applicable GST or ₹ 500 + applicable GST whichever is higher.
