What is the Andhra Bank Gold Loan Calculator?
Andhra Bank Gold Loan Calculator is one of the most consumer-friendly and easy to operate service that is now offered to anyone who wishes to borrow money using any kind of loan from either a bank or a non-banking organisation. However, since it is a gold loan calculator it would require you to have your gold ready as collateral. With the gold prices increasing, the applicants have a higher chance of availing of a higher loan amount in exchange for the gold.
This online feature would make it easier for you to determine what kind of scheme you want and if it suits your budgets or not. Using this calculator you can calculate various interest rates, tenure permutations and combinations for various banks until you come to a conclusive decision.
About Gold Loan
Gold is one of the secured forms of loans. This is because gold loans are easy to avail, provided you have gold ready in hand. The lenders would give you the gold loan provided you give them the gold equivalent to the value that they are about to give you as a gold loan. The gold can be of any form and not necessarily jewellery alone. The loan tenure of gold loans is relatively shorter when compared to other types of loans. Gold Loans are known for their quick processing and minimal documentation and easy accessibility. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use Andhra Bank Gold Loan Calculator to calculate your monthly payouts instead of the loan.
Why is Gold Loan preferred?
Gold Loan is preferred by all, because:
- They offer short loan tenures and flexible repayment options
- They provide the lowest interest rates in the market
- They do not take a lot of time to process the documents and ask for very minimal documents
- The amount gets disbursed immediately after the approval and does not take a long time.
- Most of the NBFC’s do not ask for pre-payment charges if it is a gold loan that you are availing of.
Benefits of Using Andhra Bank Gold Loan Calculator
The benefits of using Andhra Bank Gold Loan Calculator, are:
- Even if the gold rates are fluctuating and make it difficult for you to calculate it manually; this calculator would calculate the most accurate value with the current price.
- The gold loan calculator is known to have a very intuitive interface.
- The software is seen to use the latest Gold Loan per gram prices for calculations
Gold Loan Eligibility Criteria
The eligibility criteria for availing of a gold loan is:
- The minimum age of the applicant should be 21 years.
- The maximum age of the applicant should be 65 years.
- The loan amount offered starts from Rs. 20 lakhs.
- The maximum loan amount offered can go up to Rs. 2 crores.
- The gold loans are accessible to people of all occupations. This could range from self-employed people, salaried employees, and even housewives.
- The gold that you deposit should have a purity of 22-24 carats. For gold bars and coins, the purity can range from 18-24 carats.
- You are not required to have a CIBIL score to be eligible to avail of a gold loan. The previous payment histories with respect to the gold loans that we have availed of before.
- You do not have to submit any income proof documents only identity proof and address proof documents.
Gold Loan Eligibility Calculator
Minimum and Maximum Age
Note: However, many banks require a minimum age of 23 years
Interest rates are lower for a higher loan amount
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
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
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 with 18-24 carat purity
Employment track record and income proofs
Andhra Bank Gold Loan Calculator
Gold Loan EMI Payments
- Having this option helps the applicant to plan expenses and save a certain amount every month to accumulate money.
- Most applicable for loans of longer duration.
- The rates of interests are lower for EMI payments.
- EMI payments can be a burden for some as instalments are required to be paid every month.
What is Bullet Repayment Scheme
A bullet repayment scheme is defined as when a lump sum amount is paid for the entirety of the outstanding loan after maturity. IT could be a single payment of the principal amount on a bond. In terms of banking and real estate, these kinds of loans are also called balloon loans. They are also used in business loans and mortgage to reduce monthly payments during the duration of the loan.
EMI Gold Loan Scheme with Bullet Repayment Scheme Comparison
EMI Scheme (₹)
₹ 3 Lakh
₹ 3.24 Lakh
₹ 3.44 Lakh
Why opt for a Bullet Repayment Scheme?
You should opt for a bullet repayment scheme, because:
- It would reduce your tension to repay a part of the principal amount every month.
- Most applicable for short term tenure gold loans.
- It helps you to avail a flexible repayment schedule where you get to choose the amount that you pay as interest for the monthly EMIs.
Why not opt for a Bullet Repayment Scheme?
Compare Gold Loan Rate Per Gram and Lowest EMI of All banks
Lowest EMI Per Lakh
SBI Gold Loan
Muthoot Gold Loan
Manappuram Gold Loan
HDFC Bank Gold Loan
Yes Bank Gold Loan
Private Bank Gold Loan
Federal Bank Gold Loan
Canara Bank Gold Loan
Andhra Bank Gold Loan
Axis Bank Gold Loan
IndusInd Bank Gold Loan
PNB Gold Loan
Fincare Small Finance Bank Gold Loan
How does Dialabank’s Gold Loan Calculator work?
The Dialabank Gold Loan Calculator would require you to enter the following details, that is:
- The interest rate of the scheme that you have chosen
- The loan amount for the chosen gold principal.
- The loan tenure.
After entering the values, you would just have to press ‘enter’. Your EMI would instantly get calculated and the result would be visible to you.
Why should you use the Calculator tool by Dialabank?
The Calculator tool provided by Dialabank should be used for the following reasons:
- It saves your time from having to sit and calculate your EMI’s using the formula, instead, this would just require you to enter 3 values and would give you the answer.
- It is known for its accuracy and precision.
- It provides you with other options immediately if you are not satisfied with the current answer.
- It helps you to plan your finances.
FAQs About Andhra Bank Gold Loan Calculator
✅ Who is eligible for a gold loan?
Any Indian aged between 18 and 70 years and who owns gold jewelry and coins (gold bars and gold coins more than 50 grams each are currently not accepted as collateral for a gold loan) can apply for a gold loan with minimum documentation.
✅ What is the tenure for a gold loan?
The tenure of a gold loan can range from a few days to a few months. In rare cases, a gold loan may feature a tenure of a few years. However, this would be at the discretion of the bank and the actual loan amount disbursed.
✅ What happens to the gold as collateral?
Once you put up the loan as collateral for a gold loan, the gold ornaments or coins are held by the bank or NBFC (non-banking financial company) in its secure vault till the loan amount with interest is repaid in full.
✅ Why apply for a gold loan through Dialabank?
When you opt for a gold loan through Dialabank, you can easily check the interest rates, processing fees, foreclosure/pre-payment charges on the gold loan offers provided by leading banks and NBFCs operating in India. This information is available free of charge to you and helps you zero in on gold loan offers that are most suitable to your situation.
✅ How to use the Andhra Bank Gold Loan Calculator?
The easy-to-use Andhra Bank Gold Loan Calculator uses key gold loan data such as loan principal, tenure, and applicable interest rate to provide you with an approximation of your equated monthly instalments for a specific loan. This facility is provided to you free of charge and unlimited times for your benefit.