How To Apply For SBI Gold Loan Using YONO?

When it relates to a financial crunch or any unwanted emergency, a gold loan is always preferable to a personal loan because it does not require your CIBIL score and proof of income or income type. You can apply for a gold loan by depositing your gold articles with the bank, whether you are self-employed or employed. The best way to apply for a gold loan is to do it online since you will get instant approval and will not have to visit your local bank branch. The country's largest lender State Bank of India (SBI) is now allowing individuals to apply for a personal gold loan through its all-in-one digital platform YONO. Gold loan borrowers are not only allowed to apply online but also they are required to submit minimum documentation with low applicable interest rates. To know how to apply for a gold loan using SBI YONO mobile application, keep on reading.

Eligibility required to apply for SBI Personal Gold Loan

To apply for a gold loan with SBI, you need to meet the below-listed eligibility criteria:

• An Indian resident with a minimum age of 18 years or more is eligible to apply.
• SBI Personal Gold Loan is available to apply for anyone (individually or jointly), including bank employees and pensioners having a regular source of income.
• To apply for the SBI Personal Gold Loan scheme, no proof of income is required by the individuals.
• Minimum paperwork such as identity proof and resident proof is only required to apply for the same.

Benefits of SBI Personal Gold Loan

Here are the features of SBI Personal Gold Loan scheme that you must need to know:

• One can apply for a gold loan for a minimum loan amount ranging from Rs 20,000/- up to a maximum of Rs 50 lacs.
• Gold Loan: 25%
• Liquid Gold Loan: 25%
• Bullet Repayment Gold Loan: 35%
• Gold ornaments will be thoroughly verified for quality and quantity upon pledging for security reasons.
• SBI imposes a processing fee of 0.50 percent of the loan amount plus GST (minimum Rs. 500 + GST).
• SBI charges 0.50 percent more than the MCLR-1yr for any loan amount.
• According to SBI, the applicant would cover the costs of the gold appraiser.

Loan repayment

According to the official website of SBI, here are the mode of repayment and repayment period:

Repayment Mode

• Gold Loan EMI based: The repayment of Principal and Interest will be commenced from the month following the month of disbursement.
• Liquid Gold Loan: Overdraft Account with transaction facility and monthly interest is to be served.
• Bullet Repayment Gold Loan: On or before the term of the loan/on closure of the account.

Repayment Period

• Gold Loan: 36 months
• Liquid Gold Loan: 36 months
• Bullet Repayment Gold Loan: 12 months

Documents required to apply for SBI Personal Gold Loan Scheme

To apply for a gold loan, one needs to submit the following documents for effective loan approval:

• Duly filled loan application form
• Two passport-size photographs.
• In the event of illiterate borrowers, a witness letter is required.
• DP note and DP Note Take Delivery Letter, Gold Ornaments Take Delivery Letter, and Arrangement Letter are required at the time of disbursement.
• Resident proof such as Aadhaar Card, PAN Card, Driving License, Utility bills of the last 3 months.

SBI Gold Loan Interest Rates

With effect from June 30 2021, here are the interest rates applicable on gold loans:

Scheme	1 Year MCLR	Spread over 1 Year MCLR	Effective interest rate
Gold Loan(all variants)	7.00%	0.50%	7.50%
Realty Gold Loan- A Gold Loan Product exclusively for SBI Housing Loan Customers (all variants)	7.00%	0.30%	7.30%
Source: SBI

Steps to apply for SBI Personal Gold Loan through YONO

SBI is offering an interest rate concession of 0.75% for customers applying for gold loans using YONO app. Follow the steps listed below to apply for a gold loan online from the comfort of your home or workplace.

• Open the YONO app on your mobile phone and sign in to your account using the required credentials.
• Now tap on the menu option on the top left side of the home screen and then select 'Loan'
• Now tap on 'Gold Loan' and then tap on 'Apply Now'
• Now enter your gold ornament details such as type, quantity, Carat, and Net weight along with the other required details.
• Now enter your personal details such as resident type, occupation, net monthly income and submit your loan application.
• Now visit your SBI Bank branch with your gold articles that are to be pledged, 2 passport size photographs, and other KYC documents that are discussed above.
• Submit the loan application by attaching all the documents and you are done.