Introduction to SBI Gold Loans
State Bank of India (SBI) offers gold loan schemes designed for individuals needing quick liquidity against gold ornaments, with competitive interest rates starting at 8.75% p.a. and loan amounts up to ₹50 lakh. As of 12:11 AM IST, July 04, 2025, Loanpao guides you through SBI’s gold loan offerings, including Personal Gold Loan and Business Gold Loan, with festive offers like zero processing fees until January 31, 2025.
SBI Gold Loan Schemes
SBI provides flexible gold loan options for various needs:
| Scheme | Purpose | Loan Amount | Tenure | Interest Rate |
|---|---|---|---|---|
| Personal Gold Loan | Personal expenses (marriage, medical, etc.) | ₹20,000 - ₹50 lakh | Up to 3 years | 8.75% - 9.25% p.a. |
| Business Gold Loan | Working capital, business expansion | ₹20,000 - ₹50 lakh | Up to 3 years | 9.00% - 9.50% p.a. |
| Gold Loan (Liquid Scheme) | Flexible repayment for personal use | ₹20,000 - ₹50 lakh | Up to 3 years | 8.75% - 9.25% p.a. |
| Bullet Repayment Gold Loan | Single payment at tenure end | ₹20,000 - ₹50 lakh | Up to 1 year | 8.75% - 9.25% p.a. |
Note: Interest rates are linked to SBI’s 2-year MCLR (9.05% as of March 2025) and may vary. Gold purity must be 18-22 carats. Check SBI’s official site for updates.
Key Features of SBI Gold Loans
SBI’s gold loans are attractive due to:
- Low Interest Rates: Starting at 8.75% p.a., among the lowest in the market.
- High Loan Amount: Up to ₹50 lakh based on gold valuation.
- Flexible Tenure: Up to 3 years for regular schemes, 1 year for bullet repayment.
- Minimal Documentation: Instant processing via YONO app for pre-approved customers.
- Festive Offer: Zero processing fees until January 31, 2025.
- Safe Custody: Gold is stored securely in SBI vaults.
Eligibility for SBI Gold Loans
Eligibility criteria include:
- Age: 21–70 years.
- Gold Ownership: Applicant must own gold ornaments/jewelry (18-22 carats).
- Purpose: Personal or business use (no speculative purposes).
- Income: No minimum income required; loan based on gold value.
- Credit Score: Not mandatory, but 750+ may improve terms.
Documents Required
Prepare these documents for SBI gold loan applications:
- Application Form: With two passport-size photographs.
- ID Proof: PAN card, Aadhaar, driver’s license, or voter’s ID.
- Address Proof: Utility bill, passport, or Aadhaar.
- Gold Valuation: Conducted by SBI’s approved valuer at the branch.
- Declaration: Stating gold ownership and purpose of loan.
How to Apply with Loanpao
Loanpao simplifies the SBI gold loan application process:
- Visit Loanpao’s website or SBI’s YONO app.
- Check eligibility or select gold loan scheme and enter loan amount.
- Visit the nearest SBI branch for gold valuation and document submission.
- Receive instant approval for pre-approved loans via YONO or same-day processing at the branch.
Tip: Apply via YONO for zero processing fees during the festive offer (valid until January 31, 2025).