65540What problems are there with recycled mobile numbers?

The Covid-19 pandemic ushered the importance of securing instant funds for emergencies. While personal loans remain the last resort for most people, many rely on gold loans as well to finance their way out of unforeseen circumstances. The interest on gold loans ranges between 7% to 29%. Sensing the rising demand for gold loans, the country’s largest lender – State Bank of India (SBI) has announced debt plans at low interest rates. Customers can simply apply for discounted gold loans via the SBI Yono mobile app.

An SBI gold loan, which is secured in nature, can be availed against collateral such as gold ornaments including gold coins sold by banks to a borrower for bare minimum paperwork and low-interest rate. If you’re applying for a gold loan from SBI, the application for the same can be filled and submitted from one’s home. The lowest interest rate against these loans is available at 8.25% (0.75% concession is available up to September 30).

If you’re 18 years and above with a steady source of income, a gold loan is a viable option worth exploring. Moreover, pensioners can opt for such loans too. They don’t need to showcase any income proof.

Loan amount and other details

A minimum of Rs 20,000 loan can be availed against gold while the upper limit stands at Rs 50 lakh for the SBI gold loan facility. Until September 30, the bank is offering gold loans to its customers at the lowest interest rate of 7.5%. Moreover, SBI has also waived off the foreclosure charges and pre-payment penalty for customers. Besides, the loan tenure can be up to 36 months. This is 12 months in case you opt for a ‘bullet repayment gold loan’ which is a product with no repayment obligation during the loan tenure. The loan margin shall be 25% (35 % in case of a bullet repayment gold loan).

While the rate of interest remains an undisputed key factor for consideration, borrowers should also eye the loan duration. For example, Kotak Mahindra Bank and Bandhan Bank offer gold loans for a period of four years and three years, respectively. You should evaluate your financial need and decide the priority factor before signing up on anything.

How to apply for SBI personal gold loan on Yono app?

SBI has prioritised contactless banking in the last few months. Following the rules of a new normal post-pandemic, the bank offers its customers the option to apply for a gold loan within a few clicks from the SBI Yono mobile app.

– Login to your Yono account

– On the main home page, click on the main menu

– Tap on ‘loans’

– From the drop-down list, select ‘Gold Loan’

– Tap on ‘Apply Now’

– Follow the drop-down and complete the ornament details such as quantity, type, net weight, carat along with the other details

– Enter your monthly income

– Review the application and select ‘Submit’

However, after submitting the online application, borrowers need to visit the SBI branch office to get the loan. You must carry two passport size photographs, KYC documents and gold ornaments along. In most probability, the loan is processed immediately after document verification.

If you’re not comfortable with technology, visit the nearest SBI branch office to avail of a gold loan at discounted rates.

Meanwhile, on MCX, gold was marginally down at Rs 47,554 per 10 gram today.