Loans are a well-known phenomenon in this current world. When a person faces any kind of financial crisis, they opt for loans. There are a plethora of options to choose from when it comes to loans. Car loans, Home loans, Personal loans, Gold loans, to name a few. People always lean towards Personal loans due to the flexibility that accompanies this scheme of loans. Personal loans are unsecured kinds of loans. These loans do not require any collateral. Collaterals are shares or gold jewellery a lending party keeps, for a sense of security. But some people take up Gold loans. Gold loans belong to the secured type of loan. Here the borrowing party keeps their self-owned gold with the lender as collateral. The customer can be a salaried employee or self-employed. A lot of times, people choose gold loans due to their benefits over personal loans.
SBI is one of the biggest lenders that are out there when it comes to Gold Loans. SBI is the biggest lender since it is said that the SBI Gold Loan Interest Rate offer is starting as low as 7.50%. They have gone a step forward and created a website under their name, called YONO. This app is an all-in-one platform that allows the customer to have access to a wide range of financial services ranging from paying for plane or train tickets to medical bills. It is now available on both Android and IOS.
Clients can now apply for gold loans online via this platform and not have to deal with any offline modes. This app has made the loan process a lot faster and easier for both application and approval. In this article, we debrief the process of how to apply for an SBI gold loan using the YONO app.
Documents for gold loans
Before we check out the process on how to apply for an SBI gold loan using the YONO app, the customer should be aware of the documents they might have to submit. The list of documents is as follows.
- Duly filled loan application form
- Two passport-size photographs.
- If the borrower belongs to an illiterate community, he/she should bring a witness letter.
- DP note and DP Note Take Delivery Letter, Gold Ornaments Take Delivery Letter, and Arrangement Letter should be submitted while depositing.
- Attach your resident proof with all other documents. (Aadhaar Card, PAN Card, Driving Licence, Utility bills of the past 3 months).
Process of application of Gold Loan using YONO SBI app
After collecting the required documents, let us now understand the process that occurs while applying for a Gold loan using the YONO app.
Pro tip: SBI bank provides 0.75% of interest rate concession to the borrowers who apply through the YONO app.
- Download the YONO on your phone. Sign in to your account using your correct credentials.
- Go to the “Menu” option. Click on the “Loan” option. Further, click on “Gold loan” and click on apply.
- After that, enter the details asked by the app. The details are the type, carat, quantity and net weight of the pledged gold article.
- After entering the details regarding your gold deposits. Fill up the details inquiring about your personal information. That may include your resident type, occupation, net monthly income including your loan application.
- After finishing these details, the customer should approach their nearest SBI bank. They should carry the gold articles they intend on depositing. Also, they should bring 2 passport size photos and the KYC documents.
- On completing all of the above steps, submit your loan application attached with all the document requirements to the bank.
Eligibility for application
We have successfully understood the documentation requirement and the steps that follow. Let us now discuss the credibility required to apply for a gold loan using the YONO SBI app.
- The customer should be more than 18 years to be eligible to apply for the gold loan
- The customer should have a regular source of income. This could include pensioners, bank employees or regular people as well.
- They do not need to show any proof of income.
- For personal proof only, attach residential and identity proof.
Due to the digitalisation of the banking world, applying for loans has become an efficient method. Especially for the ones who are not comfortable with the offline modes. SBI has been successful in doing this. The creation of an app such as YONO has made the process of loan application more flexible. People now can apply for loans while sitting in their comfort zone, at their homes. After reading this summary of an article on how to apply for Gold Loans via the SBI YONO app, we hope that it has provided better guidance on the entire process.