SBI Gold Loan in Mumbai

Last Updated : July 9, 2020, 10:56 p.m.

These days it is easy to take a Gold Loan instead of a personal loan because there are fewer formalities and documentation in a Gold Loan. So, people living in Mumbai have an option to go for a gold loan if they are having enough gold at home. On the other hand, the interest in the gold loan is less than the interest on a personal loan. Therefore, if you are willing to take a loan then you must go for SBI Gold Loan in Mumbai as it is available at an interest of 7.5% with the tenure of up to 3 years. Let’s explore all the features and other details of the gold loan from the State Bank of India.

Interest Rate, Tenure and Other Details of the Gold Loan in Mumbai

Types of Gold Loans in Mumbai from SBI

The State Bank of India offers three types of Gold Loans. You can explore all the gold loans and then make your choice as per your requirement.

Gold Loan:- It is a simple SBI Gold Loan in which a maximum of 75% of the gold value is given to the borrower and the bank keeps the remaining 25% as margin. The bank does so because market fluctuations might decrease the value of the Gold. You can take this loan for a maximum tenure of 36 months at an interest rate of 7.50%. If you have kept the gold as security of ₹1 lacs then the bank will lend ₹75000 thousand only.

Liquid Gold Loan:- In this option, the bank sanctions a certain Liquid Limit that you can withdraw against the gold. But remember one thing that the interest is chargeable on the actual amount borrowed and not on the liquid amount sanctioned by the bank. Suppose you get a liquid limit of ₹8 lacs and you actually borrowed ₹5 lac then the interest will be charged on ₹5 lacs only.

Bullet Repayment Gold Loan:- If you have the habit of clearing the loan before the expiry of the tenure can choose this option of the Gold Loan. SBI will charge interest on the loan amount for the borrowed period only and not for 12 months. If you take the loan for 12 months and prepay it in 2 months then the interest will be charged for 2 months only.

SBI Gold Loan Eligibility Criteria in Mumbai

• The applicant must be at least 18 Years old.
• A co-applicant and a Single Applicant can take the Gold Loan .
• A regular income is required.
• Receipts or bills of all the Gold items, jewelry, and ornaments that are mortgaged must be shown to the bank.

Documents Required

• Gold Loan Application Form Signed by the Applicant.
• 2 Passport Sized Photographs.
• Aadhar Card, PAN Card, Voter ID Card, or Passport as the Identity Proof.
• Driving License, Telephone Bill, Electricity Bill as the Address Proof.
• Illiterate Borrowers must have to present a Witness Letter.
• DP Note
• Delivery Letter of the DP Note
• Note Delivery Letter of the Gold Ornaments
• Arrangement Letter

SBI Gold Loan Branches in Mumbai

• DADABHAI CROSSROAD NO 1.J P ROAD, NEAR SONY MONY, ANDHERI WEST, Dist GREATER MUMBAI 400058
• BHAKTAKAVI SHIVAJIBHAI DEV SHI ROAD, GOVANDI MUMBAI, Dist MUMBAI 400088
• SHOP NO 8, 9, 10 VIHANG GARDEN, SAMATA NAGAR THANE, THANE, Dist MUMBAI 400610
• GOKUL RESIDENCY, SHOP NO 26 TO 31, THAKUR VILLAGE, KANDIVALI E, MUMBAI, 400101
• MADHULI, 1ST FLOOR, H BY 2, SHIVSAGAR ESTATE, DR.ANNE BESANT ROAD, PIN – 400018
• M V ROAD ANDHERI E MUMBAI MAHARASHTRA
• RAHUL APARTMENTS, OPP. SHOPPERS STOP, SWAMI VIVEKANAND RD, MUMBAI, PIN – 400058
• CENTRAL ADMN BLDG TROMBAY DISTT BRIHAN MUMBAI MAHARASHTRA 400085
• BHAICHAND TEXTILE MILLS, LBS MARG, BHANDUP, DISTT. BRIHAN MUMBAI, MAHARASHTRA 400078
• P.B.NO.16518 BRIHAN MUMBAI MAHARASHTRA
• MAHARASHTRA VAHATUK BHAVANBELASIS ROAD, P.B.NO.4515, MUMBAI MUMBAI CENTRAL, MAHARASHTRA 400008
• DATTA PADA MANODAYA BLDG, BORIVALI EAST, MUMBAI, MAHARASHTRA, PIN 400066
• ANJANA APARTMENT NO 2S V ROAD BORIVALI WEST MUMBAI, MAHARASHTRA 400092
• SIR JACOB SASSON HIGH SCHOOL, 340, J J MARG, BYCULLA, MUMBAI PIN 400008
• SUNBEAM, 18TH ROAD, CHEMBUR, MUMBAI, STATE MAHARASHTRA, PIN 400071
• THE INTERNATIONAL MAHARSHI KARVE ROAD DISTT BRIHAN MUMBAI MAHARASHTRA 400020
• 6, ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA
• SHARIFA, SWAMI DYANJIVAN, DAS PETH, NEAR DADAR POST, DISTT. GREATER BOMBAY 400014
• PO BAG NO.8205, DEV ASHISH SHOPPING AND SERVICE IE, 1ST FLR, SIR BHARUCHA ROAD, MUMBAI, PIN – 400068
• SION TROMBAY ROAD NEAR DEONAR BUS DEPOT DISTT BRIHAN MUMBAI MAHARASHTRA 400088
• MAHATMA GANDHI ROAD, DISTT. GREATER BOMBAY, MAHARASHTRA 400077
• H N HOSPITAL BUILDING, SVP ROAD GIRGAON MUMBAI MAHARASHTRA 400004
• MUMBAI 9, JAWAHAR NAGAR S V ROAD GOREGAON W MUMBAI, MAHARASHTRA 400062
• DASTUR BLDG. CAVES ROAD, JOGESHWARI EAST, BRIHAN MUMBAI, MAHARASHTRA, PIN 400060
• GHASWALA EAST SWAMI VIVEKANANDA ROAD, MUMBAI, MAHARASHTRA, PIN – 400060
• YOGI SMRUTI, PLOT NO.9, 10TH ROAD, JUHU VILE PARLE, DEVELOPMENT SCHEME, MUMBAI, PIN – 400056
• SHANTILAL MODI ROAD MUMBAI KANDIVALI WEST MUMBAI, MAHARASHTRA 400067
• GHODBUNDER ROAD, PLOT NO 81 SV ROAD NEAR KHAR WEST, MUMBAI, PIN – 400052
• PATWARTHAN HOUSE NEAR NATIONAL COLLEGLINKING ROAD, BANDRA WEST MUMBAI, MAHARASHTRA 400050
• MADHUSUDAN MILLS COMPOUND, PANDURANG BUDHKAR MARG, MUMBAI, MAHARASHTRA, PIN – 400013
• NEAR CHINCHOLI PHATAKS V ROAD MALAD WEST MUMBAI, MAHARASHTRA 400064
• HOTEL SILVER ARDE, MAROL MAROSHI RD, MUMBAI, MAHARASHTRA
• PLOT NO. B 1 MIDC INDUSTRIAL AREA CENTRAL RD ANDHERI E MUMBAI MAHARASHTRA PIN 400093