SBI Gold Loan Scheme: SBI’s Multi Purpose Gold Loan Scheme can prove to be very helpful for the people associated with agriculture in times of crisis. People working in agriculture can avail loans at affordable interest rates under Multi Purpose Gold Loan. SBI’s Multi Purpose Gold Loan Scheme has an interest rate of 7.25 percent subject to conditions. The best thing is that there is no charge other than this and it is easily available.
Who will get the loan?
Under the Multi Purpose Gold Loan Scheme of SBI, only eligible people are given loans. According to the bank, only farmers and people associated with agriculture can apply under this scheme. The loan taken under this scheme is of 12 months. At the same time, customers can take cash credit or overdraft against their gold for three years.
How will I get a loan?
Loans can be availed under this scheme in all rural and semi-urban branches of SBI. To avail a loan under the scheme, the customer has to keep the gold jewelery as a heritage. The value of the loan will be decided based on its value. With the change in the price of gold, how much loan you will get will also be determined. The current interest rate under the SBI Multi Purpose Gold Loan Scheme is 7.25% per annum.
Loan to be repaid for 12 months
SBI Multi Purpose Gold Loan has a convenient repayment schedule to repay the loan. The two variants of this loan are Demand Loan and KCC Gold Loan. Under both variants, the repayment period is 12 months from the date of loan disbursement.
Application for loan
While applying for a loan, you need to have two passport size photographs, identity card as identification, Aadhaar card, voter ID card, PAN card or driving license copy. Apart from this, voter ID card, passport etc. can be presented as proof of address. The information of agricultural land / agriculture will also have to be given to the bank.