Can I Buy Gold Online On EMI with SBI Credit Card?

Planning to buy gold? It’s not as simple as purchasing some clothes that we often do frequently. Buying gold is almost similar to purchasing a plot when we check the gold prices in recent times. With the advancement in technology, everything has gone online. A myriad of facilities is available to the public, especially at the time of purchasing expensive things like vehicles, plots/flats, etc. 

One can utilize the EMI facility to purchase any sort of product in the current trend as most banks and finance companies offer easy EMI or monthly installment provision. Earlier, people had to buy gold for significant ceremonies like weddings, and a variety of occasions as it is mandatory in such situations. 

Now, people can purchase their preferred gold ornaments whenever they want by using the EMI facility through the SBI Credit Card. Yes, you heard it right! For those individuals who have a doubt ‘Can I Buy Gold online on EMI with SBI Credit Card’, this is the perfect guide. This article explains the complete information of whether you can purchase gold online on EMI using the SBI Credit Card or not. Have a glimpse!

How to Buy Gold Online With an SBI Credit Card?

One need not spend lakhs and lakhs of money to purchase gold for any occasion. With a Credit Card,  people can save some bucks on their next purchase of gold. State Bank of India offers unique credit card offers to the customers to purchase gold. By making gold purchases, individuals can get exclusive rewards, special discounts, and cashback offers. 

People can easily purchase gold using a credit card and repay the amount later in monthly installments. Most people also consider gold as a valuable asset in their lives. Also, people prefer purchasing gold so that it could be beneficial in critical situations. Want to know the SBI Credit Card Gold Purchase procedure? Well, several online platforms enable the customers to purchase gold ornaments sans any difficulty. 

The most popular Jewellery outlets that offer the facility of Gold Purchase through SBI Credit Card include Kalyan Jewellers, PC Jewellers, Malabar Gold and Jewellers, Tanishq, Blue Stone, and more. If you are willing to purchase your desired gold jewellery from one of the aforementioned jewellery outlets yet don’t have enough money in hand, you can access the SBI Credit Card’s EMI facility. From the available credit limit on your SBI credit card, you can make full payment at the time of gold purchase and later repay the amount every month through EMI [Equated Monthly Installment].

Example: People can buy gold using a credit card only if there is some predefined credit limit on the card. For instance, if you want to purchase your favorite gold ornament worth Rs. 100000 but your credit limit is only Rs. 80000 then, you may not be able to purchase the gold ornament using the credit card. Despite having Rs. 100000 credit limit on your credit card, if you have already utilized Rs. 20000 for the purchase of a  refrigerator then, you cannot purchase that much worth gold. 

Usually, if you want to access the EMI provision on your SBI credit card, you must pay a specific interest amount on the utilized credit amount. The rate of interest on the SBI Credit Card would range between 14% and 15% per annum. In case, you are seeking to revolve the credit amount sans the EMI, the rate of interest will be 3 times more than the usual interest rate i.e., 3.35% per month. It is equal to 40.2 % per annum. As it is extremely expensive, the individuals need to decide their preference of interest rate.

Procedure to Buy Gold on EMI with SBI Credit Card

If you are seeking to Buy Gold on EMI with SBI Credit Card, you must pay the complete amount on the official website of the specific gold jewellers firm using the credit card. 

  • First of all, go to the official website of your desired jewellers outlet.
  • On the home page of the website, you can pick your preferred gold ornament.
  • Check the cost of the jewellery and pay online.
  • You will be redirected to the payment site wherein you can pay the stipulated amount using the SBI Credit Card.
  • Once you are done with the full payment of the jewellery item, you can convert the credit card transaction into easy installments. 
  • Select the tenure period i.e., 6 months or 9 months or 12 months or more. 
  • State Bank of India will levy a One-Time Processing Fee to access this particular EMI provision.
  • As per the preference of the individual, they can select the tenure period. 
  • It must be noted that the credit card lenders will levy an interest made on the credit card transaction.

That’s all! This is the easy procedure of SBI Credit Card Gold Purchase online.

How to Convert Gold Purchase into EMI?

People can easily convert the transaction into easy EMIs for a fixed tenure period through different modes i.e., mobile banking, net banking, or by calling the corresponding executive at the SBI Customer Care. Follow the simple steps furnished below to convert Gold Purchase through SBI Credit Card into EMI. Check it out!

SBI Credit Card Gold Purchase Conversion into EMIs through Net Banking

  • Initially, go to the official website of the SBI Card portal from your device.
  • On the home page of the website, you can find the Login section.
  • Enter the customer id and password in the given fields.
  • Hit the Login button.
  • Navigate to the ‘Benefits’ tab displayed on the left panel of the screen.
  • From the drop-down menu, you can find the option ‘Flexipay’. Just click on it.
  • All the recent transactions that you have done using the SBI Credit Card will be displayed on the screen.
  • Choose the recent transaction that you have made for Gold Purchase through SBI Credit Card and select the one that you want to convert.
  • Go through the list of offers available in the Flexipay Offer option.
  • You can then convert your transactions into Flexipay purchases.
  • Select the tenure i.e., the period for repaying the credit bill.
  • After picking your preferred tenure, you can view the exact EMI amount.
  • Accept all the terms and conditions.
  • Hit the ‘confirm’ button to confirm the order.

After the completion of the processing, you will get a confirmation message from the SBI bank on your registered mobile number as well as the email id. If you fail to pay EMIs in 3 months back to back, your Flexipay provision will be cancelled automatically on your credit card.

How Much EMI You Need To Pay On Buying Gold With A SBI Credit Card?

After buying gold using the credit card, the bank will levy certain SBI Credit Card Charges on Gold Purchase. To give you some clear explanation about the interest charges and the EMI that you need to pay every month for the gold purchase, we have explained everything in the given article. We try to explain the EMI amount that you need to pay for the gold purchase through an example. 

For instance, you bought a golden ring worth Rs. 80000 using the SBI Credit card, you can convert the transaction amount into easy monthly installments say, 9 months. For the transaction that you have made using the credit card, the rate of interest is 14% per annum. In such a case, you might not understand the EMI i.e., the monthly amount. Check the detailed tabular form furnished below:

Transaction ElementFee Details
Total AmountRs. 80000
Interest Rate14% per annum
Tenure Period9 Months 
EMI AmountRs. 9415
Interest OutgoRs. 4735
Total Amount PayableRs. 84735

The additional SBI Credit Card Charges on Gold Purchase for an amount of Rs. 80000 will be Rs. 4735 for the tenure period of 9 months. 

Final Words

That’s all! This is everything you need to know about the procedure on how to Buy Gold on EMI with SBI Credit Card. Can I Buy Gold Online On EMI with SBI Credit Card? We hope your doubt has cleared about the purchase of gold online and pay in easy installments through the SBI Credit Card. If you still have any doubts or queries, just ask us in the comments space. Visit our website MoneyCompass frequently to know more about the SBI credit card options, and plenty of banking and credit card services offered to the customers.

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