New Delhi: State Bank of India has made gold loans cheaper. In order to enable customers to take the gold kept in the house during difficult times, the bank has brought the interest rate on SBI Personal Gold Loan Scheme at 7.50% per annum. The bank says that this interest rate for gold loans is the lowest in the industry. The benefit of SBI Personal Gold Loan Scheme can also be taken from the YONO SBI app.
Apart from gold jewelery, gold coins can also be pledged in SBI Gold Loan Scheme. SBI has also increased the maximum loan amount under the scheme. Now, loans ranging from Rs 20000 to Rs 50 lakh can be raised on gold, which was earlier up to Rs 20 lakh.
The interest rate for any loan amount in the SBI Personal Gold Loan Scheme is the bank’s 1-year MCLR + 0.50 per cent. At present, the bank has 7 per cent MCLR for a year. Therefore, the interest rate on gold loan is 7.50 percent per annum. Apart from this, the bank also offers exclusive gold loan product ‘realty gold loan’ for its housing loan customers. The current interest rate for this is 7.30 percent annually. Both these interest rates will be valid till 30 September 2020.
Pro cessing fees on SBI Gold Loans have come down. Now the bank is taking 0.25% + GST of the loan amount as the processing fee, which is a minimum of Rs 250 + GST. At the same time, there is no processing fee for those applying through the YONO app. The Gold Procurement Charge will be paid by the applicant.