How to Pay SBI Gold Loan Interest Rate in Online SBI?

sbi gold loan interest rate

Financial emergencies can strike at any time without warning. We often need a pool of cash funds to deal with such problems, but cash is hard to come by during these times. Why not use the gold sitting idle in the locker for such an emergency? SBI offers a gold loan at an interest rate lower than personal loans. Since SBI is India’s largest lending institution, it provides impeccable gold loan facilities to its customers. You can tackle any financial emergency with the help of SBI’s gold loan scheme. An SBI gold loan interest rate is quite affordable and is guided by several repayment facilities, making itself the most preferred bank for availing gold loans. Read on to know more! 

Gold loans are secured loans in which the lending bank/NBFC accepts gold goods as collateral, such as ornaments, gold jewellery, and so on. Unlike other loans, gold loans can be availed easily with minimal documentation. A loan might be difficult to repay if the repayment period does not correspond to your financial situation and monthly expenses. It is now important to assess the best gold loan company that fits your needs and the right one will be Manappuram Finance. Manappuram Finance Limited provides gold loans of up to Rs.1.5 crore at an interest rate of up to 29% in exchange for your gold jewellery and ornaments. The repayment tenure of which is 1 year (minimum). The only documentation required to obtain a gold loan from this leading NBFC includes Voter’s ID/ Passport/ PAN Card. 

How to pay online gold loan interest on the SBI website?

SBI online interest payment is quite simple. There are two ways of paying the interest rate online – OnlinePay and AutoPay. Let’s have a look at both ways of paying interest. 

OnlinePay 

SBI e-pay option enables you to pay your interest on the gold loan through your online account. At the time your loan gets disbursed, you are provided with the necessary login credentials for your SBI account. To make EMI payments, you will have to login into your account and pay. SBI gold loan interest rate of the particular month is automatically generated when the due date arrives. You can set an upper limit of the interest so that it remains within the specified amount. Thus ensuring complete control over the payments. If you want to ensure on-time payments, you can even pay the interest well in advance through SBI e-pay.

AutoPay 

Autopay alerts you about the upcoming bill or interest payment and directly pays the interest for you. If you want to avoid logging into your account each time you pay your loan interest, Autopay is a feasible option for you. 

E-pay service is available across all the states of India. You can pay the interest from anywhere at your convenience. 

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Benefits of SBI online interest payment

Although you can repay your gold loan via cash, demand draft, or cheque, online interest payment have interesting benefits that can help you in different ways. Let’s find out the merits of paying interest online. 

No late payments

With the online interest payment service of SBI, you can avoid late interest payments. If you fail to pay interest on time, the bank will charge an additional fee for late payment. In addition, this fee can disrupt your financial plans and burden you with additional expenses. 

No more hassle to deposit cash or cheques

If you choose to pay your cash or cheques, you will have to go through the hassle of filling up the details like name, amount, account number, etc., on the cash slips or cheques. With online payments, you save yourself from the hassle of depositing cheques or cash slips. 

About the SBI Gold Loan Statement

At any point during the gold loan period, you want to check anything related to your gold loan, you can simply log into your account and access the gold loan statement. The gold loan statement generated by SBI will have all the details of your loan such as outstanding balance, payment due date, credit amounts, etc. Furthermore, to receive information about your gold loan, you can simply download the statement from SBI’s official website. 

In Conclusion:

This statement helps get a clear picture of the current status of your entire gold loan arrangement. You can track all types of information regarding interest payments through the SBI gold loan statement. SBI Gold loan online interest payment is quite easy and does not take much of your time. You can easily calculate and pay monthly interest online on the SBI’s website. Moreover, If you want to pay your interest in advance, you can do so without the need to visit the bank. With SBI e-pay service, you can properly manage your expenses and plan accordingly. If you want to know more about the online payment service and how it works, do visit the official website of SBI. Have a great time making payments online! 

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