Gold loans can be obtained by pledging gold ornaments, including gold coins sold by banks with minimal paperwork and a low interest rate. Right now, according to market experts, gold loans are the safest and easiest way to get instant funds in an emergency.
Here are the main advantages of applying for a gold loan:
Gold loan, when applied online through the SBI YONO app, can be done from the comfort of home. The bank offers the lowest interest rate at 8.25% (a 0.75% concession is available until September 30).
Processing time is less, SBI said.
Here are the steps to benefit from the SBI YONO gold loan:
Step 1: Log in to the YONO account
2nd step: On the home page, click on the menu (three lines) at the top left
Step 3: Click on loans
Step 4: Click on Gold Loan
Step 5: Click Apply Now. Fill in the details of the ornament (type, quantity, carat and net weight) as well as all other details available in the drop-down list (type of residence, type of occupation), fill in the net monthly income and submit the request.
Step 6: Visit the branch with gold to pledge, 2 photos and KYC documents. Sign the document and get the loan.
Who can benefit from the SBI gold loan?
People over 18 with a stable source of income, including retirees (no income required), documents required to qualify for the loan, a gold loan application with two copies of photographs and a coin. identity with proof of address are eligible.
Minimum and maximum loan amounts
The minimum and maximum loan amount that you can avail with SBI is Rs 20,000 and Rs 50 lakh.
term of the loan
The duration of the loan is 36 months (12 months in the case of a gold loan with repayment in fine – a product having no obligation of repayment during the term of the loan).
The bank waived foreclosure fees and prepayment penalties for customers.
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(Edited by : Aditi Gautam)
First publication: STI