State Bank of India (SBI) is the largest bank in India. It is owned by the government of India. SBI headquarters are in Mumbai. The State Bank of India was established on July 1, 1955.

Gold Loan

Bank's existing customers can avail the loan upto Rs.20 lacs by pledge of gold ornaments including gold coins sold by Banks.

Eligibility-

Age : 21 years and above

Profession : Anybody with Steady source of income including : Bank's Employees, Pensioners

Loan Amount-

Minimum :
Rural/Semi Urban : Rs10,000/-
Urban/Metros : Rs 20,000/-
Maximum : Rs 20lacs/-

Margin : 25%

Repayment :

Repayment Period 30 months

Interest Rate : 2.50% above Base Rate i.e., 12.50% p.a. currently

Security : Security of gold ornaments.

Documentation

Application for Gold Loans (as per specified format)
Two copies of photograph of the borrower(s)
D P Note and D P Note Take Delivery Letter
Gold Ornaments Take Delivery Letter (as per specified format)
Witness Letter in case of illiterate borrowers (as per specified format)
Arrangement Letter (as per specified format)

Processing Fees-

(i) for BIS Hallmarked Jewellery/ Ornaments and specially minted Gold Coins sold by Banks :

0.51% of the Loan Amount
(Min: Rs 256 ; Max: Rs511)

(ii) for Non Hallmarked Jewellery/ Ornaments:

(a)Up to Rs 25000: Rs256 per application;
(b)Above Rs 25000: 0.51% of the Loan amount or Rs511 whichever is higher.