What is the IDBI Bank Gold Loan Calculator?
The IDBI Bank Gold Loan calculator is one of the easiest ways to calculate the money that one would have to pay on a monthly basis for the amount that he/she wishes to borrow. This could be any kind of loan from a bank or a non-banking service.
All that the gold calculator would require is for you to have the gold ready as collateral. The applicants have a higher chance of availing gold loan with a higher value considering the prices of gold has been increasing. This feature is specially designed to help individuals plan their expenses and see if that particular scheme suits their needs or not.
About Gold Loan
Gold loans are defined as the most secured form of loans. It is very easy to avail of a gold loan, provided you meet the eligibility criteria, you have the gold in hand and you submit the documents required. The gold lenders would require you to pledge the gold in exchange for the gold loan amount. This loan can be done for any kind of gold, not just jewellery.
The tenure of gold loans is known to be the shortest time period there exists when compared to the other forms of loans. Gold loans are known to be very quick with documentation, processing as well as accessibility. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use IDBI Bank Gold Loan Calculator to calculate your monthly payouts instead of the loan.
Why is Gold Loan preferred?
Gold loan is preferred because:
- It offers low-interest rates
- Flexible repayment techniques
- Lower tenure is offered when compared to other loans
- Immediate disbursal of amount into the account.
Benefits of Using IDBI Bank Gold Loan Calculator
The benefits of using the IDBI Bank Gold Loan are:
- This would help in calculating the value of the EMI despite the fluctuation of the gold rates.
- The gold loan calculator is said to be intuitive.
- 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 person applying should be 21 years and the maximum age should be 65 years.
- The loan amount offered ranges from Rs. 20 lakhs up to Rs 2 crores.
- The gold loans are accessible to people of all occupations. There is no way that one can not avail of a gold loan because of their occupation.
- The people applying could range from being self-employed people, salaried employees, or even housewives.
- The purity of the gold deposited should be between 22-24 carats.
- There is no necessity for you to have a CIBIL score to be eligible to avail of a gold loan.
- 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
IDBI Bank Gold Loan Calculator
Gold Loan EMI Payments
- This is most applicable for people applying for loans for a longer time period.
- The rates of interest offered for the EMI options are way lesser when compared to the others.
- This helps to plan the expenses in a better and more logical way.
- 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 mortgages 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?
Reasons why you should opt for a bullet repayment scheme, are:
- It reduces the tension on your head to repay a part of the principal amount every month, which might be way out of your budget.
- It is very helpful for people applying for short-term 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
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 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:
- As it saves your time from doing the dreadful calculation using the EMI formula.
- It would give you instant and accurate results.
- Provides you with alternate options if you are unhappy with the current results.
- Helps you to plan your budget according to the interest rates.
FAQs About IDBI 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 (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 IDBI Bank Gold Loan Calculator?
The easy-to-use IDBI 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.
Table of Contents
- 1 About Gold Loan
- 2 Why is Gold Loan preferred?
- 3 Benefits of Using IDBI Bank Gold Loan Calculator
- 4 Gold Loan Eligibility Criteria
- 5 Gold Loan Eligibility Calculator
- 6 IDBI Bank Gold Loan Calculator
- 7 Gold Loan EMI Payments
- 8 What is Bullet Repayment Scheme
- 9 EMI Gold Loan Scheme with Bullet Repayment Scheme Comparison
- 10 Why opt for a Bullet Repayment Scheme?
- 11 Why not opt for a Bullet Repayment Scheme?
- 12 Compare Gold Loan Rate Per Gram and Lowest EMI of All banks
- 13 How does Dialabank’s Gold Loan Calculator work?
- 14 Why should you use the Calculator tool by Dialabank?
- 15 FAQs About IDBI Bank Gold Loan Calculator