Fincare Small Finance Bank Gold Loan Calculator

What is the Fincare Small Finance Bank Gold Loan Calculator?

Fincare Small Finance Bank Gold Loan CalculatorFincare Small Finance Bank Gold Loan Calculator is now available on the website for easy calculations of your EMI. This helps individuals plan their expenses and makes it easier for them to choose which scheme and which bank might be most suitable for them. This is only applicable for gold loans that are taken from a bank or even a non-banking institution. The gold calculator is very useful because it would calculate the latest and the most accurate value for you, instantly.

About Gold Loan

Gold Loan is the amount an individual avails from a bank or a lending institution by pledging the gold that they have in hand. This type of loan is accessible to people of all income groups. Gold Loans falls under the secured loans category. This means that the collateral that you would be submitting is the gold itself. The loan tenures are very short, extending to a maximum of 36 months. It is known for its speed, minimal documentation, and instant disbursal of the amount into the account.

Why is Gold Loan preferred?

Gold loan is preferred because of:

  1. The lower rates of interest offered by this type of loan.
  2. The minimal documentation procedures involved in availing this loan.
  3. They provide short loan tenures which makes it easier to take ownership of the gold, quickly.
  4. Instant disbursal of the loan amount after the approval of your application.
  5. Flexible repayment strategies provided by the bank
  6. Some banks or NBFC’s do not charge processing fees for gold loans.

Benefits of Using Fincare Small Finance Bank Gold Loan Calculator

The benefits one can get from using the Fincare Small Finance Bank Gold Loan Calculator, are:

  1. The Gold Loan Calculator has a very intuitive and user-friendly interface.
  2. The calculator is most popularly known for its accuracy and precision.
  3. They find the exact and the current value of the gold loan amount

Gold Loan Eligibility Criteria

The eligibility criteria for availing of a gold loan is:

  • Minimum age: 21 years
  • Maximum age: 65 years
  • Minimum loan amount availed: Rs. 20 lakhs
  • Maximum loan amount availed: Rs. 2 crores
  • Accessible to people of all income groups and occupational statuses.
  • Gold jewelry purity: 22-24 carats.
  • Gold coins purity: 18-24 carats.
  • You are not required to have any CIBIL score to be eligible to avail of a gold loan.
  • You just need to submit your identity and address proof documents.

Gold Loan Eligibility Calculator

Minimum and Maximum Age
21 Yrs – 60 Yrs
Note: However, many banks require a minimum age of 23 years
Loan Amount
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount
Employment Type
Salaried and self-employed both are eligible
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
Gold ornaments should range in between 18 to 24 Carats
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
CIBIL Score
Banks do not check CIBIL score for granting a gold loan
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 bars and coins
Gold with 18-24 carat purity
Employment track record and income proofs
Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

Fincare Small Finance Bank Gold Loan Calculator

Gold Loan EMI Payments

Advantages:

  • This reduces the financial disturbances and unnecessary tensions that the applicants have when it comes to the repayment of the loans.
  • This allows them to start savings and align their finances accordingly.
  • They offer lower interest rates when compared to other types of schemes/plans.
  • This plan is most suitable for long-term loans.

Disadvantages:

  • EMI payments can be a burden for some as installments are required to be paid every month.

What is Bullet Repayment Scheme

A Bullet Repayment scheme is where the individual would be asked to pay the lump sum amount that is made for the entirety of the outstanding loan amount after the maturity period of the loan. It could also be done as a single payment for the principal amount on a bond. In banking and real estate terms, these are the types of loans that are called balloon loans.

EMI Gold Loan Scheme with Bullet Repayment Scheme Comparison

Monthly Payment EMI Scheme (₹)
Bullet Repayment (₹)
Month 1 27007 3625
Month 2 27007 3625
Month 3 27007 3625
Month 4 27007 3625
Month 5 27007 3625
Month 6 27007 3625
Month 7 27007 3625
Month 8 27007 3625
Month 9 27007 3625
Month 10 27007 3625
Month 11 27007 3625
Month 12 27007 3625
Bullet Payment (At the end of 12 months)
  ₹ 3 Lakh
Total Payment ₹ 3.24 Lakh ₹ 3.44 Lakh

Why opt for a Bullet Repayment Scheme?

Here is why one should opt for a Bullet Repayment Scheme:

  1. It reduces the financial tension that you might have about the prolonging of the loan for months/years/
  2. Most applicable for short-term loans, as it helps in repayment faster.
  3. Provides you with flexible repayment options.

Why not opt for a Bullet Repayment Scheme?

Reasons why you should not choose a Bullet Repayment Scheme, are:

  1. They would ask you to pay a higher interest amount since 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.
    Bank Interest Rate Lowest EMI Per Lakh
    Eligible Loan Amount For Max Tenure
    SBI Gold Loan 7.50% Rs. 3,111
    Rs. 20 Lakh for 36 months
    Muthoot Gold Loan 11.99% Rs. 3,321
    Rs. 50 Lakh for 36 months
    Manappuram Gold Loan 12.00% Rs. 8,885
    Rs. 1 Cr for 12 months
    HDFC Bank Gold Loan 9.90% Rs. 4,591
    Rs. 50 Lakh for 24 months
    Yes Bank Gold Loan 9.99% Rs. 3,226
    Rs. 50 Lakh for 36 months
    ICICI Bank Gold Loan 10.00% Rs. 8,792
    Rs. 15 Lakh for 12 months
    Federal Bank Gold Loan 8.50% Rs. 8,722
    Rs. 75 Lakh for 12 months
    Canara Bank Gold Loan 7.65% Rs. 8,683
    Rs. 10 Lakh for 12 months
    Andhra Bank Gold Loan 10.70% Rs. 8,824
    Rs. 2 Cr for 12 months
    Axis Bank Gold Loan 13.00% Rs. 4,754
    Rs. 20 Lakh for 24 months
    IndusInd Bank Gold Loan 10.00% Rs. 8,792
    Rs. 10 Lakh for 12 months
    PNB Gold Loan 8.75% Rs. 8,734
    Rs. 10 Lakh for 12 months
    Fincare Small Finance Bank Gold Loan 12.99% Rs. 11,721
    Rs. 40 Lakh for 9 Months
  2. They would provide you with low LTV and charge high rates of interest.

Compare Gold Loan Rate Per Gram and Lowest EMI of All banks

Bank Interest Rate Lowest EMI Per Lakh
Eligible Loan Amount For Max Tenure
SBI Gold Loan 7.50% Rs. 3,111
Rs. 20 Lakh for 36 months
Muthoot Gold Loan 11.99% Rs. 3,321
Rs. 50 Lakh for 36 months
Manappuram Gold Loan 12.00% Rs. 8,885
Rs. 1 Cr for 12 months
HDFC Bank Gold Loan 9.90% Rs. 4,591
Rs. 50 Lakh for 24 months
Yes Bank Gold Loan 9.99% Rs. 3,226
Rs. 50 Lakh for 36 months
ICICI Bank Gold Loan 10.00% Rs. 8,792
Rs. 15 Lakh for 12 months
Federal Bank Gold Loan 8.50% Rs. 8,722
Rs. 75 Lakh for 12 months
Canara Bank Gold Loan 7.65% Rs. 8,683
Rs. 10 Lakh for 12 months
Andhra Bank Gold Loan 10.70% Rs. 8,824
Rs. 2 Cr for 12 months
Axis Bank Gold Loan 13.00% Rs. 4,754
Rs. 20 Lakh for 24 months
IndusInd Bank Gold Loan 10.00% Rs. 8,792
Rs. 10 Lakh for 12 months
PNB Gold Loan 8.75% Rs. 8,734
Rs. 10 Lakh for 12 months
Fincare Small Finance Bank Gold Loan 12.99% Rs. 11,721
Rs. 40 Lakh for 9 Months

How does Dialabank’s Gold Loan Calculator work?

The Dialabank’s Gold Loan Calculator would require you to enter the following values:

  1. The interest rate for the loan scheme that you desire.
  2. The desired loan tenure.
  3. The amount of the principal gold that you are pledging.

After you submit the value, the calculator would do the calculation and provide you with the answer that you were looking forward to. After this, you can decide if this scheme or option is suitable for you or not.

Why should you use the Calculator tool by Dialabank?

You should use the calculator tool by Dialabank, because:

  1. As it saves you from the trouble and hassle of having to manually calculate the EMI’s and visiting various banks in person. Thus, making it less time-consuming.
  2. It provides you with answers that are nothing but accurate.
  3. It would provide you with equal suggestions if you are not happy with the first outcome.
  4. Helps in planning your expenses

FAQs About Fincare 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 jewellery 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 Fincare Small Finance Bank Gold Loan Calculator?

The easy-to-use Fincare 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 instalments for a specific loan. This facility is provided to you free of charge and unlimited times for your benefit.