What is the AU Small Finance Bank Gold Loan Calculator?
The AU Small Finance Bank Gold Loan Calculator is a tool that Dialabank provides you with on our website for anyone who is wishing to borrow money from a bank or a non-banking company by pledging their gold. For availing this kind of loan the gold that they pledge is the surety. However, before pledging the gold an individual would like to know how much money they might have to pay beforehand and then decide on options. This is where the gold loan calculator comes into the picture. Even though the gold prices are constantly rising and falling and it becomes difficult to do an accurate calculation, the gold loan calculator provides you with the most precise answer.
About Gold Loan
Gold loan is one of the most accessible and easy to avail forms of loans. It falls under the secured loan categories. This means that you would have to provide something of yours to the bank as surety for them to trust you to give the loan amount. In the gold loan, the object that you provide the bank with for surety is the gold. The amount that you receive as a gold loan is based on the value of the gold that you provide. It has short loan tenures. Requires minimal documents and is known for super-fast processing and amount disbursal. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use.
Why is Gold Loan preferred?
Gold loan is preferred because of:
- the shorter loan tenures offered.
- the flexible repayment schemes when the gold loan is availed.
- various repayment options, based on your convenience.
- the option of increasing the tenure in really desperate circumstances.
- very minimal documentation procedures.
- interest rates of your choice could be found easily, and it is usually very low interest rates for a gold loan.
- immediate disbursal of the loan amount after the approval of the loan.
Benefits of Using AU Small Finance Bank Gold Loan Calculator
The benefits of using the AU Small Finance Bank Gold Loan Calculator, are:
- Despite the constant fluctuation of the gold rates, which makes it difficult to calculate the precise EMI amount, the AU Small Finance Bank Gold Loan Calculator would give you the exact values.
- It is known for having a very intuitive interface.
- Most famous for the precision and degree of accuracy of the outcome.
- The software used can also help to calculate the gold loan per gram prices.
Gold Loan Eligibility Criteria
The eligibility criteria for availing of a Gold Loan is:
- The age range of the applicants should be within 21 years to a maximum of 65 years.
- The range of loan amount availed is from Rs. 20 lakhs to a maximum of Rs. 2 crores.
- It is available to people of all income groups, like self-employed individuals, housewives with no source of income, and salaried individuals.
- The purity of gold coins should range from 18-24 carats, whereas for gold jewelry it has to be between 22-24 carats.
- You do not need to have to worry about a CIBIL score to be eligible to avail of this loan.
- However, your previous transaction history with respect to any gold loans taken previously would be reviewed.
- Only identity proof and address proof documents would need to be submitted.
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
AU Small Finance Bank Gold Loan Calculator
Gold Loan EMI Payments
- This option reduces the financial burdens on the applicants and allows them to plan their finances, enabling them to start savings as well.
- Works well with long-term loans.
- The interest rates offered are very low when compared to other types of schemes.
- EMI payments can be a burden for some as installments are required to be paid every month.
What is Bullet Repayment Scheme
Bullet repayment schemes are schemes where a lump sum amount is paid for the entirety of the outstanding loan amount at the time of loan maturity. This could also be done as a single payment. A bullet repayment scheme is defined as the scheme wherein the lump sum payment is made for the entire outstanding loan amount after the maturity period. There can also be a single payment for the principal on a bond. In the banking and real estate industry, these types of loans or schemes are termed balloon loans. These loans are used in mortgage and business loans to reduce monthly payments during the term of the loans.
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?
Reasons, why one should opt for a Bullet Repayment Scheme, is:
- It eases your financial worries.
- Is more effective if you have a flexible repayment schedule, where you get to choose the loan tenure as well as the interest period.
- Works best if you have chosen short loan tenures.
Why not opt for a Bullet Repayment Scheme?
Reasons that one should not choose a Bullet Repayment Scheme is:
- Some banks give you a lower LTV and would charge higher interest rates.
- You would be asked to pay higher interest amounts because it does not reduce the balance of the loan. The effective rate of interest is higher in the bullet repayment loan even if the quoted interest rates are the same as the EMI of the gold loan.
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
ICICI 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 interest rates of the bank that you have chosen.
- The loan amount for the principal value of the gold.
- The tenure of the loan that you prefer,
After the submission of all the following details, the calculator would do calculations and provide you with an accurate estimation of the values that you had entered above. Based on this, you can make a decision.
Why should you use the Calculator tool by Dialabank?
Each and everyone applying for a gold loan should use the Calculator tool provided by Dialabank, because:
- It saves time
- Gives you accurate and precise answers.
- Gives you alternate choices if you are not satisfied with the current outcome.
- Helps in planning your finances, according to the interest amount that you would be having to pay.
FAQs About AU Small Finance 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 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 AU Small Finance Bank Gold Loan Calculator?
The easy-to-use AU Small Finance Bank Gold Loan uses key gold loan data such as loan principal, tenure, and applicable interest rate to provide you with an approximation of your equated monthly installments for a specific loan. This facility is provided to you free of charge and unlimited times for your benefit.
Table of Contents
- 1 What is the AU Small Finance Bank Gold Loan Calculator?
- 2 About Gold Loan
- 3 Why is Gold Loan preferred?
- 4 Benefits of Using AU Small Finance Bank Gold Loan Calculator
- 5 Gold Loan Eligibility Criteria
- 6 Gold Loan Eligibility Calculator
- 7 AU Small Finance Bank Gold Loan Calculator
- 8 Gold Loan EMI Payments
- 9 What is Bullet Repayment Scheme
- 10 EMI Gold Loan Scheme with Bullet Repayment Scheme Comparison
- 11 Why opt for a Bullet Repayment Scheme?
- 12 Why not opt for a Bullet Repayment Scheme?
- 13 Compare Gold Loan Rate Per Gram and Lowest EMI of All banks
- 14 How does Dialabank’s Gold Loan Calculator work?
- 15 Why should you use the Calculator tool by Dialabank?
- 16 FAQs About AU Small Finance Bank Gold Loan Calculator