How to avail Gold Loan via YONO SBI

by Suman Gupta

SBI Personal Gold Loan

SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by banks with minimum paper work and low interest rate. In the current times gold loans are the safest and easiest way to procure instant funds during an emergency.

Applying for loan via YONO SBI has multiple benefits:

• Application for loan from the comfort of your home

• Lowest interest rate at 8.25% (0.75% concession is available up to 30.09.2021)

• Less paper work

• Less processing time

• Less in-branch waiting

Avail gold loan using YONO SBI in 4 easy steps:

1. Apply for loan

2. Login to your YONO account

3. On the home page, click on the menu (three lines) on the top extreme left

4. Click on loans

5. Click on Gold Loan

6. Click on Apply Now

7. Fill in ornament details ( type, quantity, Carat and Net weight) along with all other details available in drop down ( Residential Type, Occupation Type), fill the Net Monthly Income and submit the application

8. Visit branch with gold

9. Visit the branch with gold to be pledged , 2 photos and KYC documents

10. Sign document

11. Get loan

Who can avail SBI Gold Loan:

• Individuals over 18 years of age with steady source of income including

• Pensioners (No Proof of income required)

Documents required for availing the loan:

• Application for Gold Loan with two copies of photographs

• Proof of Identity with proof of Address

Loan amount: Minimum – Rs. 20,000 | Maximum – Rs. 50 lacs

Margin – 25% (35% in case of Bullet Repayment Gold Loan)

Rate of interest – At present, SBI is offering gold loan to the customers at lowest interest rate of 7.5%

Loan tenure – 36 months (12 Months in case of Bullet Repayment Gold Loan- a product having no repayment obligation during the loan tenor)

Where to apply for this loan:

• YONO

• SBI Branch

Foreclosure fee – The bank has also waived-off the foreclosure charges and pre-payment penalty for customers

Click on the link below to download YONO:https://play.google.com/store/apps/details?id=com.sbi.lotusintouch&hl=en

Website link for further details:  https://bank.sbi/web/personal-banking/loans/gold-loan/personal-gold-loans