SBI Personal Gold Loan State Bank of India : sbi.co.in
Organisation : State Bank of India
Facility : SBI Personal Gold Loan
Applicable For : SBI AC Holders
Website : https://www.sbi.co.in/portal/web/personal-banking/gold-loans
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Personal Gold Loan :
Product :
Bank’s existing customers can avail the loan upto Rs.20 lacs by pledge of gold ornaments including gold coins sold by Banks. It requires minimum paper work and has low interest rate.
Related : SBI Holiday Saving Account State Bank of India : www.statusin.in/25097.html
Features :
Eligibility :
Age : 21 years and above
Profession : Anybody with Steady source of income including: Bank’s Employees, Pensioners
Loan Amount :
Minimum : Rs 20,000/-
Maximum : Rs 20Lacs/-
Margin : 25%
Repayment :
Repayment Period :
** Maximum :30 months (For Demand Loan)
** 36 months (For Overdrfat)
Repayment Mode :
The repayment of Principal and Interest should commence from the month following the month of disbursement
Security :
Security of gold ornaments.
Loan To Value Ratio :
The LTV ratio will be computed against the total outstanding in the account, including accrued interest, and current value of gold jewellery accepted as security / collateral.
The following factors have to be kept in mind for this purpose :
(i) The loan will be sanctioned with a margin of 35%
(ii) LTV of 75% has to be maintained throughout the tenor of the loan.
(iii) The LTV ratio has to be computed against total outstanding in the account including accruedinterest. (Interest would be charged to the account at monthly rests but would become due for payment along with principal only at maturity i.e. after 12 months).
(iv) The LTV ratio will be computed against the current value of gold.
(v) In case the LTV Ratio crosses the stipulated limit of 75% on account of fall in gold prices, customer will be intimated to replenish the margin either by way of cash deposit or additional gold ornaments / coins.
Interest Rate & Processing Fees :
Processing Fees :
(i) For BIS Hallmarked Jewellery/ Ornaments and specially minted Gold Coins sold by Banks :
0.50% of the Loan Amount + applicable Service Tax (Min: Rs 250 ; Max: Rs 500) + applicable Service Tax
(ii) For Non Hallmarked Jewellery/ Ornaments :
(a)Up to Rs 25000 : Rs 250 per application + applicable Service Tax
(b)Above Rs 25000 : 0.50% of the Loan amount + applicable Service Tax or Rs 500 + applicable service Tax whichever is higher.
Documents Required :
** Application Form for Gold Loans
** Two copies of photograph of the borrower(s)
** Proof of Identity
** Proof of Address
About Us :
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