The maximum repayment period of SBI's gold loan can go up to 36 months.
- 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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