State Bank of India (SBI) Gold Loan Interest Rate: SBI stands out as a top choice for securing gold loans. The interest rate begins at 8% per annum for both Personal and Realty Gold Loans. Fixed at 0.30% above the bank's 1-year Marginal Cost of Funds Based Lending Rate (MCLR), currently at 7.70% as of September 15, 2022.

SBI Gold Loan Interest Rate Details (Effective from August 15, 2022):

• SBI Personal Gold Loan: 0.30% above 1-year MCLR (7.70%), resulting in an annual rate of 8%.
• SBI Realty Gold Loan: Shares similar terms with a 0.30% margin above 1-year MCLR, resulting in an 8% interest rate annually.

Comparison with Other Lenders:

Assess different lenders to choose the best gold loan in India. For example, Federal Bank charges 8.49%+, Bank of India ranges from 7.25%-8.90%, and Bajaj Finserv spans 10%-28%, among others.

Key Features of SBI Gold Loan:

• Accepts gold ornaments including coins sold by banks.
• Loan quantum ranges from Rs. 20,000 to Rs. 50 lakh.
• Margin: Personal & Liquid Gold Loans set at 25%, Bullet Repayment at 35%.
• Zero processing fees until January 31, 2023, under festive offers.
• Interest & principal repayable over tenures up to 36 months.

Types of Gold Loans:

• SBI Personal Gold Loan: Offers Rs. 20,000 to Rs. 50 lakh, with 25%-35% margin.
• SBI Realty Gold Loan: Also from Rs. 50,000 to Rs. 50 lakh, requiring a similar margin with pledged ornaments.

Benefits of Gold Loans:

These loans feature instant disbursement after verification of gold, require no income proof, have a low starting interest of 7.50% annually, and offer a gold loan rate ranging from Rs. 4,961 to Rs. 5,167 per gram.

Tools and Charges:

• Utilize the SBI Gold Loan Calculator for EMI predictions.
• Interest rates as low as 8% per annum, with fee waivers till the end of January 2023.
• Gold appraiser charges apply at loan application.

Documents Needed:

• Gold Loan application, identity & address proof.

How to Apply:

Apply online via the SBI platform or contact through their help numbers and SMS services for convenience.