State Bank of India customers can now use their gold valuables to get Gold Loans from the bank. All you have to do is submit your gold assets and get access to cash whenever you are facing any financial problem. This type of loan has proven to be very beneficial especially when you intent to finance marriage, education, leisure vacation or building a house. However, not every customer can get access to this loan since there are rules and regulations put in place. Any SBI customer who wants to get a Gold Loan will first have to meet the eligibility criteria on EPF India website PF Balance check without UAN Number by UAN Login at passbook.epfindia.gov.in
- An applicant must be 21 years and above in order to get the loan.
- A customer must have a steady source of income.
Once a customer meets the eligibility criteria, it is mandatory that you submit the necessary documents for verification purposes. Failure to do so, you will not get the chance to apply for a Gold Loan. Some of the documents that a customer needs to submit include:
- Address proof documents
- Identity proof i.e. Aadhaar Card or PAN Card copy
- Two passport size photographs
- A duly filled application form
With all the above requirements in place, you can proceed to apply for a Gold Loan online by following the simple guide given below.
- Enter paisabazaar .com on the search bar of your browser. Hit the enter button on your keyboard after typing in the above link.
- Once in the website, place your mouse cursor on “Other Loans” tab, after which you should click on “Gold Loan” option.
- You will then have to fill in all the details correctly. These details include the amount of money that you wish to borrow, duration of the loan and current residence.
- You will also have to fill your personal details like Email id, Name, Date of Birth and registered mobile number. Click on “View Offers” after filling in every detail.
- A One Time Pin will be sent to your registered mobile number. Enter this OTP and click on “Verify” button. You can now be able to see all the available offers.
The State Bank of India will then have to check your gold in order to determine the actual market price. This action also helps them in determining the amount that they can offer to customers as a loan. Once they determine the gold’s value, you will be allowed a minimum loan of RS.20000 with a maximum loan of Rs.20 Lakhs. This loan is given with an interest rate of 12.50% per annum. Unfortunately, you cannot get more than 75% of your Gold value when looking for a Gold Loan in SBI. In addition to this, you will have to repay the loan within 30 months for demand loans and 36 months for an overdraft. The good news is that the loan is repaid in installments hence making it easy for customers to make the full payment.