Gold loan: This PSB offers 50% waiver on processing fees, competitive interest rates

State Bank of India (SBI) is offering a competitive interest rate and a 50% waiver on the processing fee.

On Sunday, SBI through its Twitter account said, "With quick sanctioning & flexible repayment, get sparkling deals on SBI Gold Loan." One of the easiest ways to apply for a gold loan is through SBI's YONO app.

SBI offers gold loans for an amount ranging as low as ₹20,000. The maximum loan amount is ₹50 lakh.

Welcome the summer on a golden note.
With quick sanctioning & flexible repayment, get sparkling deals on SBI Gold Loan.
Apply now on YONO app or visit: https://t.co/H1LkixWYoc#AmritMahotsav #AzadiKaAmritMahotsavWithSBI #SBI #GoldLoan pic.twitter.com/AXgUJDDaB8

— State Bank of India (@TheOfficialSBI) May 29, 2022

The bank has a 25% margin each on gold loans and liquid gold loans. While the margin is 35% on bullet repayment gold.

The borrowers can pledge their gold ornaments duly verified for quality & quantity.

It has processing fees of 0.25% of the loan amount which would be minimum at ₹250 plus applicable GST. Also, gold appraiser charges will be paid by the Applicant.

Further, in terms of interest rate, SBI imposes 0.30% above the MCLR 1-year rate.

SBI's Marginal Cost Of Funds Based Lending Rate (MCLR) for 1-year tenure is at 7.20%.