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Looking to avail gold loan from SBI? Here are key thing to know

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Gold loans can be availed by pledging gold ornaments including gold coins sold by banks with minimum paperwork and low interest rate. In the current times, market experts say, gold loans are the safest and easiest way to procure instant funds during an emergency.

Looking to avail gold loan from SBI? Here are key thing to know
Gold loans can be availed by pledging gold ornaments including gold coins sold by banks with minimum paperwork and low interest rate. In the current times, market experts say, gold loans are the safest and easiest way to procure instant funds during an emergency.
Several banks such as the State Bank of India (SBI) offer gold loan schemes for those who may need funds for emergencies. Thanks to net banking and other internet-based facilities, borrowers can get the credit transferred almost instantly in the case of gold loans.
Here are key benefits of applying for a gold loan:
Gold loan, when applied online via SBI YONO app, can be done from the comfort of home. The bank offers the lowest interest rate at 8.25 percent (0.75 percent concession is available up to September 30).
The processing time is less, SBI said.
Here are steps to avail gold loan from SBI YONO:
Step 1: Log in to YONO account
Step 2: On the home page, click on the menu (three lines) on the top extreme left
Step 3: Click on loans
Step 4: Click on Gold Loan
Step 5: Click on Apply Now. Fill in ornament details ( type, quantity, carat and net weight) along with all other details available in the dropdown ( residential type, occupation type), fill the net monthly income and submit the application.
Step 6: Visit branch with gold to be pledged, 2 photos and KYC documents. Sign the document and get the loan.
Who can avail SBI gold loan?
Individuals over 18 years of age with a steady source of income including pensioners (no poof of income required), documents required for availing the loan, application for gold loan with two copies of photographs and proof of identity with proof of address are eligible.
Minimum and maximum loan amounts
The minimum and maximum loan amount one can avail of with SBI is Rs 20,000 and Rs 50 lakh.
Loan tenure
The loan tenure is 36 months (12 months in case of bullet repayment gold loan- a product having no repayment obligation during the loan tenor).
Foreclosure fee
The bank has waived off the foreclosure charges and pre-payment penalty for customers.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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