SBI personal gold loans can be easily applied for using the YONO appAmid the COVID-19 pandemic, securing instant funds during emergencies has become the need of the hour for people to ensure the well-being of family members.
Customers opt for personal loans toborrow money from financial institutions such as banks, however, gold loans also provide safe and easy ways to procure funds.
The country's largest lender - State Bank of India (SBI) is offering gold loans at an interest rate of 7.5 per cent and customers can easily apply for the same on the SBI YONO mobile app.Gold loans - also called loans against gold is a secured loan taken by the borrower from a lender (bank) by pledging their gold ornaments or articles as collateral.
Typically, the gold amount provided is a certain percentage of the gold - up to 80 per cent based upon the current market value and the quality of gold.SBI Personal Gold Loan: How To Apply for gold loan On SBI YONO app:Step 1: Applying for the loanLogin to the YONO accountOn the main home page, click on the menu (three lines) on the top extreme leftClick on 'loans'Under loans, click on Gold LoanClick on 'Apply Now'Fill in the ornament details such as quantity, type, net weight,carat along with theother details available in the drop-down - occupation type, residential type.Fill the net monthly incomeSubmit the applicationStep 2:Visit the branch with goldVisit the SBI branch with the ornament orgold to be pledged.Carry two photos and KYC documentsStep 3: Sign the documentsStep 4: Get the gold loanWho can avail the SBI Personal Gold Loan:Individuals who are more than18 years of age with a steady source of incomePensioners (no proof of income required)Documents required for availing the SBI Personal Gold Loan:Application for the gold loan with two copies of photographsAn identity proofwith a proof of addressGold Loan amount: Minimum amount is Rs.
20,000 and the maximum amount is Rs.
50 lakhMargin:25 per cent(35 per centin case of a bullet repayment gold loan)SBI Gold Loan Interest Rate: Currently,SBI is offering a gold loan to the customers at aninterest rate of 7.5 per centGold Loan tenure:36 months (12 months in case of a bullet repayment gold loan- a product having no repayment obligation during the loan tenor)On Thursday, August 5, shares of State Bank of India settled 3.33 per cent lower at Rs 441.85 apiece on the BSE.