How to Apply for SBI Personal Gold Loan explain by myhowtoo.com

How to Apply for SBI Personal Gold Loan on YONO App to available at 7.5% interest rate: Amidst the COVID-19 pandemic, getting instant loans during emergencies has become a loan necessity for people at this time. Customers opt for personal loans to borrow money from financial institutions like banks, however, gold loans also provide a safe and easy way to get money.

The country’s largest lender – State Bank of India (SBI) is offering Gold Loan at an interest rate of 7.5 percent and customers can easily apply for the same on SBI YONO mobile app.

A gold loan, also known as a loan against gold, is a secured loan taken by a borrower from a lender (bank) by pledging his gold ornaments or items made of gold as collateral. Typically, the amount of gold awarded is a fixed percentage of the gold.

SBI Personal Gold Loan at 7.5% interest rate

SBI Personal Gold Loan: To apply for the gold loan on the SBI YONO app, follow the steps given below:-

Step 1 – Applying for the loan

• Login to Yono Account
• On the main home page, click Menu (three lines) in the top left
• Click on ‘Loan’
• Click on Gold Loan under Loan
• Click on ‘Apply Now
• Fill in the jewelry details like Quantity, Type, Net Weight, Carat along with other details available in the drop-down – Business Type, Residential Type.
• Enter Net Monthly Income
• submit application

Step 2 – Go to the bank with the gold

Go to SBI Bank with the jewelry or gold to be pledged.
Carry two photographs and KYC documents

Step 3 – Sign the document

Step 4 – Get Gold Loan

Who can avail SBI Personal Gold Loan?

Individuals above 18 years of age with a stable source of income
Pensioners (No proof of income required)

Documents required to get SBI Personal Gold Loan

Apply for Gold Loan with two photocopies
One identity proof along with address proof

SBI Personal Gold Loan Amount

The minimum amount is ₹ 20,000 and the maximum amount is ₹ 50 lakh

What is the SBI Personal Gold Loan interest rate?

Currently, SBI is offering Gold Loan to customers at an interest rate of 7.5 percent.

What will be the tenure of the SBI Personal Gold Loan

36 months (12 months in case of Bullet Repayment Gold Loan- A product with no repayment obligation during the loan tenure.

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