The demand for gold loans has been strong amid the covid-19 crisis. Interest on gold loans varies between 7% and 29%. SBI Gold Loan can be availed by a pledge of gold ornaments including gold coins sold by banks with minimal paperwork and low interest rate. Currently, gold loans are the safest and easiest way to get instant funds for emergencies.
Applying for a loan via YONO SBI has many advantages:
- Apply for a loan from the comfort of your home
- The lowest interest rate at 8.25% (the reduction of 0.75% is available until 30.09.2021)
- Less paperwork
- Less processing time
- Less waiting at the agency
How to Get Gold Loan Using YONO SBI in 4 Easy Steps:
1) Ask for a loan
- Log in to your YONO account
- On the home page, click on the menu (three lines) at the top left
- Click on Loans
- Click Gold Loan
- Click Apply Now
- Fill in the ornament details (type, quantity, carat and net weight) as well as all other details available in the drop-down list (type of residence, type of occupation), fill in the net monthly income and submit the application
2) Visit the branch with gold
- Visit the branch with gold to pawn, 2 photos and KYC documents
3) Sign the document
4) Get a loan
Who can benefit from the SBI Gold loan?
- Persons over the age of 18 with a stable source of income, including
- Retired (no proof of income required)
- Gold loan application with two copies of photographs
- Proof of identity with proof of address
Amount of the loan
Minimum – ₹20,000
Maximum – ₹50 lake
Currently, SBI offers gold loans to customers at the lowest interest rate of 7.5%
term of the loan
36 months (12 months in case of Bullet Repayment Gold Loan – a product with no repayment obligation during the term of the loan)
Where to apply for this loan?
Foreclosure Fees – The bank also waived foreclosure fees and prepayment penalty for customers
On MCX, gold futures fell slightly to ₹47,888 for 10 grams. Global gold rates were also subdued
Best rate for gold loans
In gold loans, interest rates are an essential factor to consider as they vary widely. However, borrowers must also consider other factors. For example, many lenders, such as Punjab & Sind Bank, Canara Bank and Punjab National Bank, offer gold loans for up to one year. Some lenders, like Kotak Mahindra Bank and Bandhan Bank, offer gold loans for terms of up to four years and three years, respectively.
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