State Bank of India (SBI) has decreased its gold loan interest rates by 0.05%, or 05 basis points with effect from Monday, February 10, 2020. This interest rate reduction will cut the cost of funds for those people who want to avail SBI gold loans.
New Delhi (Delhi, India), February 07, 2020
The State Bank of India (SBI) has decreased its gold loan interest rates by 0.05 percent, or 05 basis points with effect from Monday, February 10, 2020.
State Bank of India has revised its minimum gold loan interest rate from 9.15 percent to 9.10 percent per annum (MCLR-1Year + 1.25%) for gold loan amount up to ₹2,000,000 under the SBI Demand Loan and SBI Liquid Gold Loan Scheme.
State Bank of India’s current interest rate reduction will cut the cost of funds for those people who want to avail SBI gold loans.
State Bank of India’s gold loan interest rate is based on fixed rate of interest with reset period of 1 year and the interest amount is computed on a monthly reducing method.
The gold loans interest rate of State Bank of India is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). State Bank of India’s current One-Year MCLR, which is called MCLR-1Y, is 7.85 percent per annum with effect from Monday, February 10, 2020.
The minimum borrowing amount for State Bank of India’s gold loan is ₹10,000 in rural and semi urban areas and ₹20,000 in urban areas and metro cities and maximum gold loan amount is ₹2,000,000. The maximum quantum of State Bank of India’s gold loan is up to 75% of market value of the pledged ornaments.
The minimum loan tenure for State Bank of India’s gold loan is 6 months, while maximum loan period for State Bank of India’s loan against gold scheme is 30 months.
The minimum age limit for getting State Bank of India’s gold loan sanctioned is 21 years at the time of gold loan commencement.
The maximum age limit for State Bank of India’s gold loan approval is 60 years for salaried applicants and 65 years for self-employed applicants at the time of gold loan maturity.
State Bank of India’s gold loan valuation charges is ₹500 plus applicable GST.
State Bank of India’s gold loan processing fee and documentation charges is ₹500 plus applicable GST for gold loan amount up to ₹200,000 and 0.30% of the gold loan amount sanctioned for gold loan above ₹200,000 (minimum processing fees is ₹500 plus applicable GST).
Currently, State Bank of India levies no penalty for part-prepayment towards your gold loan. However, the minimum part-prepayment amount should not be less than ₹5,000.
Presently, State Bank of India does not levy any charge for foreclosure or pre closure of SBI gold loan.
For State Bank of India’s gold loan, no guarantor is required. However, for availing State Bank of India’s gold loan, pledge of gold ornaments duly verified for quality and quantity is mandatory for security of loan.
The three options for making State Bank of India’s gold loan repayments are (1) Interest payment upfront and repayment of principal amount on maturity date, or (2) Monthly interest payment and repayment of principal on maturity date, or (3) Equated Monthly Installment (EMI) option.
State Bank of India Gold Loan Interest Rate in Loan Against Gold Scheme for loan amount up to ₹300,000: 9.10% Per Annum (MCLR-1Year + 1.25%)
State Bank of India Gold Loan Interest Rate in Loan Against Gold Scheme for loan amount from ₹300,001 to ₹500,000: 9.10% Per Annum (MCLR-1Year + 1.25%)
State Bank of India Gold Loan Interest Rate in Loan Against Gold Scheme for loan amount above ₹500,000: 9.10% Per Annum (MCLR-1Year + 1.25%)
State Bank of India Realty Gold Loan (for SBI Housing Loan Customers) Interest Rate in Loan Against Gold Scheme for loan amount up to ₹2,000,000: 8.35% Per Annum (MCLR-1Year + 0.50%)