SBI Gold Loan is a secured loan where a borrower can pledge his/ her gold ornaments to avail of a loan so as to meet the short-term credit. SBI Gold Loan can be availed with minimal documentation @ 8.75% p.a. onwards for loan amounts of up to INR 50 lakhs. SBI will then return the collateral held with them upon the loan being repaid on a timely basis. A borrower can use the SBI Gold Loan calculator to learn the loan amount, loan tenure, EMI amount, etc. It will help you plan your expenses as it will ascertain the amount to be paid towards the loan.
The loan details can also be calculated manually, but this is time-consuming and leaves room for errors, so it should be avoided. An online gold loan EMI calculator can avoid such issues, achieving accuracy in results.
| Highlights | |
| Maximum Loan Amount | INR 50 lakhs |
| Minimum Loan Amount | INR 20,000 |
| Margin | |
| Gold Loan (EMI Based) | 25% |
| 3 Months Bullet Repayment Gold Loan | 30% |
| 3 Months Bullet Repayment Gold Loan | 30% |
| 3 Months Bullet Repayment Gold Loan | 35% |
How to Use the SBI Gold Loan Calculator
Using the SBI Gold Loan Calculator is a simple and straightforward process. An individual is required to follow these steps:
Step 1: Enter the loan amount that is to be borrowed from the lender.
Step 2: Choose the gold purity.
Step 3: Click the tab “Calculate”.
Step 4: Depending on the rate of interest, the amount of EMI will be displayed, presuming the loan tenure to be 6 months.
A SBI Gold Loan EMI Calculator uses a simple formula to calculate the amount of an EMI. The formula is represented as:
A = P x R x [(1+R) n / {(1+R) n – 1}],
Where “A” is the periodical EMI,
“P” is the principal loan amount,
“R” is the interest rate, and
“n” is for loan tenure.
The EMI amount can also be calculated manually, but the drawback is that it leaves room for errors and is, hence, not ideal. Using an online tool to calculate the EMI amount makes the entire process easier.
SBI offers three main repayment methods: EMI, Bullet Repayment, and Liquid Gold Loan. One can check the EMI amount for a gold loan by simply providing some basic details like loan amount, loan tenure, net weight of gold, interest rate, etc.
Processing Fees and Charges
Mentioned below are the processing fees and charges that will be applicable when the SBI Gold Loan is applied for:
| Particulars | Charges |
| 3 Months Bullet Repayment Gold Loan | INR 200 + GST |
| 6 Months Bullet Repayment Gold Loan | INR 300 + GST |
| 12 Months Bullet Repayment Gold Loan | 0.50% of the loan amount (Minimum INR 500; Maximum INR 10,000) + applicable GST |
| EMI-based Gold Loan | 0.50% of the loan amount (Minimum INR 500) + applicable GST |
| Others | The Gold Appraiser charges will be paid by the applicant. |
Factors Affecting SBI Gold Loan Interest Rate
Mentioned below are the factors that affect the SBI Gold Loan Interest Rate:
- Loan Amount
The higher the loan amount is, the higher the interest rate will be, as lender banks consider larger loans to be more risky.
- Loan Tenure:
The longer is the loan tenure, the higher is the interest rate, as the lender banks consider it to be more risky to be exposed to a larger loan tenure.
- Gold Purity:
The higher the purity of gold is, the lower the rate of interest would be, as it is considered to be more valuable and easier to sell.
- Condition of Market:
The gold loan calculator helps in understanding various factors that can affect the loan amount by providing transparency. This will further help in making informed decisions.
SBI Gold Loan Interest Rate
One can log in to internet banking to pay off the SBI Gold loan interest amount online. In cases where an Internet banking account is not activated, one is required to register the account with SBI Net banking. Then, visit the e-payment section, and EMI can be paid. Also, you are required to add the details of the SBI loan account as a biller and then pay the interest. A confirmation SMS will then be received from SBI. But before making payment, one should be aware of the SBI Gold Loan Interest Rate:
| Scheme | 1-year MCLR | Spread over 1 year MCLR | Effective Interest Rate |
| Gold Loan EMI based | 8.65% | 0.95% | 9.60% |
| 3 Months Bullet Repayment Gold Loan | 8.20% | 0.55% | 8.75% |
| 6 Months Bullet Repayment Gold Loan | 8.55% | 0.25% | 8.80% |
| 12 Months Bullet Repayment Gold Loan | 8.65% | 0.20% | 8.85% |
| SBI Gold Loan Interest Rates Across Different Schemes | |||
| Scheme | 1 Year MCLR | Spread | Effective Interest Rate |
| Gold Loan(all variants) | 7% | 0.5% | 7.5% |
| Realty Gold Loan – Only for SBI Housing Loan Customers (all variants) | 7% | 0.3% | 7.3 |
Documents Required
- Mentioned below is the list of documents required to apply for an SBI Gold Loan at the time of application:
- Application Form
- 2 photographs
- KYC Documents to establish address and identity
- Witness Letter in case of illiterate borrowers
- Mentioned below is the list of documents required to apply for an SBI Gold Loan at the time of disbursement:
- Demand Promissory Note & Demand Promissory Note Take Delivery Letter
- Gold Ornaments Take Delivery Letter
- Arrangement Letter
Eligibility Criteria
Mentioned below are the eligibility parameters that are to be met in order to apply for SBI Gold Loan:
- SBI Personal Gold Loan:
- The minimum age of an applicant should be 18 years and above.
- An applicant should have a stable source of income.
- However, no proof of income is required to be submitted in the case of pensioners or bank employees.
- SBI Realty Gold Loan:
- The minimum age of an applicant should be 18 years and above.
- An applicant must be a SBI bank borrower (existing and new customers included).
SBI Gold Loan Customer Care Number
If you have any queries, grievances, or suggestions, you can contact 1800 1234/ 1800 2100 (Toll-free numbers). You can also give a missed call on 7208933143 or SMS ‘GOLD’ on 7208933145 to receive a call back from SBI.