SBIs Gold Loan: Interest Rate, Margin, Maximum Repayment Period And Other Details

The maximum loan that can be provided is Rs 20 lakh and minimum loan amount is Rs 20,000, said SBI.
The repayment of principal and interest commences from the month following the month of disbursement. (Also read: SBI Loans: How You Can Avail Home Loan, Education Loan, Car Loan And Others)
The maximum repayment period of SBI's gold loan can go up to 36 months.
The bank maintains a margin of 25 per cent of the value of the gold.
Pledges of gold ornaments are duly verified for quality and quantity. (Also read: How To Apply For SBI PPF Account: Documents Required, Eligibility, Other Details)
The processing fee includes 0.50 per cent of the loan amount plus applicable GST (Goods and Services Tax).
The interest rates charged on SBI's gold loan is 2 per cent above the marginal cost of funds based lending rate (MCLR) for 1 year. Currently, it is 7.95 per cent and the effective rate is 9.95 per cent per annum, as mentioned on SBI's website. (Also read: State Bank of India (SBI) Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY): Here's All You Need To Know)
Gold appraiser charges are also to be paid by the applicant.

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SBI's Gold Loan: Interest Rate, Margin, Maximum Repayment Period And Other Details