How to apply for SBI gold loan using YONO?

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Eligibility Required to Apply for SBI Personal Gold Loan

To apply for a gold loan from SBI, you must meet the eligibility criteria below:

  • An Indian resident who is at least 18 years old can apply.
  • SBI Personal Gold Loan is available to anyone (individually or jointly), including bank employees and retirees with a regular source of income.
  • To apply for the SBI Personal Gold Loan program, no proof of income is required by individuals.
  • Minimum documents such as proof of identity and proof of resident are only required to apply.
Benefits of the SBI personal gold loan

Benefits of the SBI personal gold loan

Here are the features of the SBI Personal Gold Loan program that you should 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 lakes.
  • Gold loan: 25%
  • Liquid gold loan: 25%
  • Gold loan with bullet repayment: 35%
  • The quality and quantity of the gold ornaments will be carefully checked upon pledging for security reasons.
  • SBI charges a processing fee of 0.50% of the loan amount plus GST (minimum Rs. 500 + GST).
  • SBI charges 0.50% more than the MCLR-1 year for any loan amount.
  • According to SBI, the claimant would cover the costs of the gold expert.
Loan repayment

Loan repayment

According to the official SBI website, here is the reimbursement method and the reimbursement period:

Method of reimbursement

  • EMI based gold loan: The repayment of capital and interest will begin from the month following the month of disbursement.
  • Liquid gold loan: Overdraft account with ease of transaction and monthly interest must be paid.
  • Bullet Payable Gold Loan: At the latest when the loan matures / when the account is closed.

Repayment period

  • Gold loan: 36 months
  • Liquid Gold Loan: 36 months
  • Gold Bullet Loan Repayment: 12 months
Documents required to apply for the SBI Personal Gold Loan Program

Documents required to apply for the SBI Personal Gold Loan Program

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

  • Completed loan application form
  • Two passport size photographs.
  • In the case of illiterate borrowers, a witness letter is required.
  • The DP Note and DP Note Receipt Letter, Gold Ornaments Receipt Letter and Arrangement Letter are required at time of disbursement.
  • Proof of resident such as Aadhaar card, PAN card, driver’s license, utility bills for the last 3 months.
SBI Gold Loan Interest Rates

SBI Gold Loan Interest Rates

As of 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 lending product exclusively for SBI home loan customers (all variations) 7.00% 0.30% 7.30%
Source: SBI
Steps to apply for an SBI personal gold loan through YONO

Steps to apply for an SBI personal gold loan through YONO

SBI offers 0.75% interest rate concession for clients who apply for gold loans using the 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 log into your account using the required credentials.
  • Now tap the menu option at the top left of the home screen and then select ‘Ready’
  • Now press “Gold Loan”, then “Apply Now”
  • Now enter the details of your gold ornament, such as type, quantity, karat and net weight, along with other required details.
  • Now enter your personal data such as type of resident, profession, net monthly income and submit your loan application.
  • Now go to your SBI Bank branch with your gold items to pawn, 2 passport size photographs and other KYC documents described above.
  • Submit the loan application enclosing all the documents and you’re good to go.


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