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SBI Gold Loan details and review

Avail a gold loan at low interest rate and minimal paperwork with India's largest bank.

Enjoy low interest rates and unlock up to ₹5,000,000 when you pledge your gold ornaments with the State Bank of India (SBI). Find out how the SBI gold loan works and if there are any fees you’d need to look out for before availing.

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7.5% p.a. - 7.5% p.a.

Interest Rate

₹20,000 to ₹50 lakh

Loan Amount

3 to 36 months

Loan Tenure


Product NameSBI Personal Gold Loan
Loan Amount₹20,000 to ₹50 lakh
Age Eligibility18 years and above
Required documentsPhotographs, Proof of Identity, Proof of Address, Witness Letter in case of illiterate borrowers
Bullet Repayment SchemeYes
Overdraft SchemeNo
More Info

How does a gold loan from SBI work?

If you need urgent cash to tide through a financial emergency, you can easily avail SBI Gold Loan by pledging the gold ornaments that are sitting idle in your home at a low interest rate starting from 7.5% and zero processing charges. You’ll only need to complete a simple loan application with minimal paperwork and receive the cash in as fast as 24 hours.

Do note that while the gold may be acceptable in various forms (e.g. bars, coins, jewellery etc), its purity should be between 18 carats and 22 carats.

Key features

  • Extensive branch network. With a base of over 27,000 branches, SBI is accessible in most Indian cities.
  • Fast and transparent process. Enjoy a transparent loan application process from acceptance to disbursal, without any hidden fees and terms to look out for.
  • Multiple repayment schemes. SBI offers three repayment options so that borrowers can choose one that’d help them manage and plan out their repayments better.
  • Flexible loan tenure. The minimum tenor starts from 3 to 36 months (except for bullet repayment scheme).
  • Range of loan amounts. Loans starting from ₹20,000, up to the valuation of your gold ornaments or ₹5,000,000
  • No prepayment penalties. Save on interest when you prepay the loan.
  • Secure gold storage. Borrow with peace of mind as your pledged gold will be stored in a highly secure vault, guided by regulations from the Reserve Bank of India (RBI).

How do repayments work for an SBI gold loan?

SBI offers three different repayment schemes:

  • EMI-based gold loan. With equated monthly instalments (EMI), you’ll be making a fixed repayment amount (which consists of both your principal and interest) every month over the specific tenure, until the loan is paid off in full.
  • Liquid gold loan. This is an overdraft account with a transactional facility. This means that you’ll be offered a sanctioned credit limit (instead of a lump-sum cash amount) upon loan approval. You may withdraw from it whenever you require, and interest will only be charged for the amount withdrawn.
  • Bullet repayment gold loan. You may repay both the principal and interest in a lump sum at the end of the loan tenure. The maximum repayment period for this scheme is 12 months.

Fees and limits

Bear in mind that you’d need to pay the following fees when you avail a gold loan with SBI:

  • Interest rate. 0.50% above the 1-year MCLR (7.00% as of 21 April 2021)
  • Processing fee. 0.50% of the loan amount (minimum Rs. 500), plus applicable GST.
  • Gold appraisal charges. A nominal fee (indicated at the time of application) will be charged for the appraisal of your gold ornaments.

Compare a range of Gold Loans in India

Name Product Interest Rate Processing Fee Loan Amount Loan Tenure
IIFL Gold loan
9.24% p.a. - 24% p.a.
₹ 0 onwards depending on scheme availed
₹3,000 to ₹10 lakh
3 to 11 months
Meet urgent liquidity needs in as fast as 30 minutes. Benefit from a range of flexible loan tenure, repayment options, and competitive interest rates.
Muthoot One Percent Loan
12% p.a. - 12% p.a.
0.25% to 1% of loan amount
₹1,500 to ₹2 lakh
7 days to 12 months
Enjoy the lowest interest rate with this 12-month gold loan scheme when you pay the interest in full every month.
SBI Personal Gold Loan
7.5% p.a. - 7.5% p.a.
0.50% of the loan amount + applicable GST
₹20,000 to ₹50 lakh
3 to 36 months
Pledge your gold ornaments and borrow up to ₹ 50 Lakhs for a maximum of 36 months. Only minimum paperwork required.
ICICI Bank Gold Loan
ICICI Bank Gold Loan
12% p.a. - 16% p.a.
0.25% to 1% as per the loan amount
₹10,000 to ₹10 lakh
6 to 12 months
Fulfill personal or business expense requirements instantly by pledging gold jewelry with at least 18-carat purity.

Compare up to 4 providers

The verdict

With a simplified loan request process, instant approvals and attractive interest rate, it is no wonder why SBI is one of the most popular lenders for gold loans in India. It also has multiple storefronts located across India, making it easy for you to avail a loan with your gold jewellery/ornaments.

But unlike providers like indiagold, Rupeek and Muthoot Finance, SBI has yet to offer the convenience of on-the-spot evaluation of your gold assets at your location. This means that you’d still need to head down to the nearest SBI branch with your jewellery and documentations in tow.

How to apply for an SBI gold loan

To get started, simply head over to the SBI Personal Gold Loan website and click on the ‘apply now’ button. Fill in the online loan application form and an SBI representative will get in contact with you as soon as possible to advise on the next steps.

Eligibility criteria

  • At least 18 years old
  • Both single and joint applications are allowed
  • Had a steady income (although there’ll be no proof of income required)

Required documents

Make sure to bring along the following documents when applying for the SBI Gold Loan:

  • Duly filled gold loan application form, along with two copies of passport-sized photographs
  • Proof of identity (such as passport, Voter ID, Aadhaar card etc)
  • Proof of address (utility/telco bill, driver licence etc)
  • Witness letter (only required for illiterate borrowers)

Frequently asked questions

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