You are here: Home > ZZ-Old-Archived-Posts
All posts from

SBI Personal Gold Loan State Bank of India : sbi.co.in

Organisation : State Bank of India
Facility : SBI Personal Gold Loan
Applicable For : SBI AC Holders
Website : https://www.sbi.co.in/portal/web/personal-banking/gold-loans

Sponsored Links:
Want to ask a question / comment on this post?
Go to bottom of this page.

Personal Gold Loan :

Product :
Bank’s existing customers can avail the loan upto Rs.20 lacs by pledge of gold ornaments including gold coins sold by Banks. It requires minimum paper work and has low interest rate.

Related : SBI Holiday Saving Account State Bank of India : www.statusin.in/25097.html

Features :
Eligibility :
Age : 21 years and above
Profession : Anybody with Steady source of income including: Bank’s Employees, Pensioners

Sponsored Links:

Loan Amount :
Minimum : Rs 20,000/-
Maximum : Rs 20Lacs/-
Margin : 25%

Repayment :
Repayment Period :
** Maximum :30 months (For Demand Loan)
** 36 months (For Overdrfat)

Repayment Mode :
The repayment of Principal and Interest should commence from the month following the month of disbursement
Security :
Security of gold ornaments.

Loan To Value Ratio :
The LTV ratio will be computed against the total outstanding in the account, including accrued interest, and current value of gold jewellery accepted as security / collateral.

The following factors have to be kept in mind for this purpose :
(i) The loan will be sanctioned with a margin of 35%
(ii) LTV of 75% has to be maintained throughout the tenor of the loan.

(iii) The LTV ratio has to be computed against total outstanding in the account including accruedinterest. (Interest would be charged to the account at monthly rests but would become due for payment along with principal only at maturity i.e. after 12 months).

(iv) The LTV ratio will be computed against the current value of gold.

(v) In case the LTV Ratio crosses the stipulated limit of 75% on account of fall in gold prices, customer will be intimated to replenish the margin either by way of cash deposit or additional gold ornaments / coins.

Interest Rate & Processing Fees :
Processing Fees :
(i) For BIS Hallmarked Jewellery/ Ornaments and specially minted Gold Coins sold by Banks :
0.50% of the Loan Amount + applicable Service Tax (Min: Rs 250 ; Max: Rs 500) + applicable Service Tax

(ii) For Non Hallmarked Jewellery/ Ornaments :
(a)Up to Rs 25000 : Rs 250 per application + applicable Service Tax
(b)Above Rs 25000 : 0.50% of the Loan amount + applicable Service Tax or Rs 500 + applicable service Tax whichever is higher.

Documents Required :
** Application Form for Gold Loans
** Two copies of photograph of the borrower(s)
** Proof of Identity
** Proof of Address

About Us :
State Bank of India welcomes you to explore the world of premier bank in India. In this section, you can access detailed information on Overview of the Bank, Technology Upgradation in the Bank, Board of Directors, Financial Results and Shareholder Info.

The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes.

Our business is more than banking because we touch the lives of people anywhere in many ways. Our commitment to nation-building is complete & comprehensive.

Leave a Reply

How to add comment : 1) Type your comment below. 2) Type your name. 3) Post comment.

www.statusin.in © 2021 Contact Us   Privacy Policy   Site Map
Status Check, Procedures, Facilities