SBI offers discount on gold loans; here's how to avail the lowest rate with least paperwork

India's largest lender State Bank of India (SBI) is offering a 0.75% discount on its already "lowest interest rates" on gold loans. The discount on interest rates is available till September-end.

SBI also claims the loan application process will require less paperwork and processing time. Here's how to avail gold loan using YONO SBI in 4 easy steps:

1. Apply for loan

• Login to your YONO account
• On the home page, click on the menu (three lines) on the top extreme left
• Click on loans
• Click on Gold Loan
• Click on Apply Now
• Fill in ornament details ( type, quantity, Carat and Net weight) along with all other details available in drop down ( Residential Type, Occupation Type), fill the Net Monthly Income and submit the application

2. Visit branch with gold: Visit the branch with gold to be pledged, 2 photos and KYC documents

3. Sign the document

4. Get loan

Rate of interest: 7.5% per annum (including 0.75% discount)

Documents required for availing the loan:

• Application for Gold Loan with two copies of photographs
• Proof of Identity with proof of Address

Loan amount: Minimum – Rs. 20,000 | Maximum – Rs. 50 lacs

Margin: 25% (35% in case of Bullet Repayment Gold Loan)

Loan tenure: 36 months