State Bank of Patiala Gold Loan Approval Process

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State Bank of Patiala Gold Loan Features

Currently, Gold loans are the most popular product of the State Bank of Patiala, and the reason is easy State Bank of Patiala Gold Loan Approval Process, Lower interest rate, flexible loan tenure and the value State Bank of Patiala is providing to all its customers. Your gold will be deposited with the bank, and you will get an instant loan amount. You will have to repay the amount you are borrowing in part payments with an interest rate charged by the State Bank of Patiala.

Easy Process and instant approval: Deutsche Bank Gold Loan Approval Process is comparatively easy, and the loan is provided instantly.
Lower Interest Rate: Deutsche Bank Gold Loan interest rate can be as low as 7%.
Less Documentation: State Bank of Patiala Gold Loan Approval Process involves an easy documentation process and less paperwork.
No Processing Fee: Deutsche Bank doesn’t charge any processing fee on gold loans.
Flexible Tenure: Deutsche Bank Gold Loan Tenure is flexible between 12 to 48 months.
Multiple Repayments Options: Deutsche Bank Gold Loan offers multiple repayments options like bullet repayment, Term Loan, Regular EMI’s, and Overdraft.
Flexible instalment schedule: Deutsche Bank Gold Loan instalments can be done weekly or monthly.
Maximum Gold Value: Deutsche Bank provides a maximum value of 75% on your gold loan.
Safe: Your Gold deposited with Deutsche Bank as collateral will be safely stored in a unique triple-layered secure locker.

State Bank of Patiala Gold Loan Eligibility

Minimum and Maximum Age	21 Yrs – 60 Yrs Note: However, many banks require a minimum age of 23 years
Loan Amount	Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh Interest rates are lower for a higher loan amount
Employment Type	Salaried and self-employed both are eligible Businessmen are increasingly taking gold loans to meet their working capital requirements. In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
Quality of Gold	Gold ornaments should range in between 18 to 24 Carats An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
CIBIL Score	Banks do not check CIBIL score for granting a gold loan However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
Gold ornaments that can be used for availing loan	Gold bars and coins Gold with 18-24 carat purity
Employment track record and income proofs	Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

State Bank of Patiala Gold Loan Documents Required

At the time of application the following documents are required:

Proof of the citizenship of India
Duly filled application form
2 passport-sized photographs
Applicant’s KYC documents to establish Identity and Address
Salary/ Income Proof
Witness Letter in case of illiterate borrowers
In the case of Agriculture Loan of more than Rs. 1 lac, land proof
Certificate by the Jewel Appraiser (Bank will arrange)

At the time of disbursement the following documents are required:

Demand Promissory Note & Demand Promissory Note Take Delivery Letter
Gold Ornaments Take Delivery Letter
Arrangement Letter