Jana Small Finance Bank Gold Loan Calculator

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Jana Small Finance Bank Gold Loan Calculator

What is the Jana Small Finance Bank Gold Loan Calculator?

Jana Small Finance Bank Gold Loan Calculator is now available on the Dialabank website. It aims to provide to all its users an easier way of calculating the EMI’s that one might have to pay if one particular scheme is chosen and so on. This calculator is an automatic way of doing calculations only for gold loans. This works for both bankings as well as non-banking institutions. After calculating the estimated EMI it would help you in choosing what kind of bank/lender and scheme that you would want to avail yourself of a gold loan from. Despite the constant fluctuations in gold prices, this calculator would provide you with the most accurate and precise answer.

About Gold Loan

Gold loan is defined as when an individual avails by pledging the gold that they have. The amount that they get is based upon the value, the purity and the rate of gold in the current market. The gold that you pledge would be the surety that the individual would have to give to the lenders. These loans are known for it’s short tenures and super-fast processing and almost immediate amount disbursal. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use.  Jana Small Finance Bank Gold Loan Calculator

Why is Gold Loan preferred?

Gold loan is preferred because of:

  1. the flexible repayment options
  2. lowest rate of interest offered when compared to other kinds of loans
  3. known for it’s speed
  4. fast processing
  5. instant disbursal of the amount into your account
  6. the option of increasing the tenure in really desperate circumstances.

Benefits of Using Jana Small Finance Bank Gold Loan Calculator

The benefits of using the Jana Small Finance Bank Calculator, are:

  1. It would give you the most precise and accurate results
  2. The Jana Small Finance Bank Calculator would give you the current and the most exact values.
  3. It has a very intuitive and popular customer interface.
  4. 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 jewellery 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
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.

Jana Small Finance Bank Gold Loan Calculator

Gold Loan EMI Payments

Advantages:

  • This helps in reducing financial baggage for the applicants, allowing them to plan their finances.
  • The interest rates offered are very low compared to short-term loans as well.
  • Works well with long-term loans.

Disadvantages:

  • EMI payments can be a burden for some as instalments 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

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?

Reasons, why one should opt for a Bullet Repayment Scheme, is:

  1. It eases your financial worries.
  2. Is more effective if you have a flexible repayment schedule, where you get to choose the loan tenure as well as the interest period.
  3. 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:

  1. Some banks give you a lower LTV and would charge higher interest rates.
  2. 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

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
Private 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?

Dialabank’s Gold Loan Calculator is not so complex and is very consumer-friendly. It requires you to enter the following details:

  1. The interest rates of the bank that you have chosen.
  2. The loan amount for the principal value of the gold.
  3. 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:

  1. It saves time
  2. Gives you accurate and precise answers.
  3. Gives you alternate choices if you are not satisfied with the current outcome.
  4. Helps in planning your finances, according to the interest amount that you would be having to pay.

FAQs About Jana 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 Jana Small Finance Bank Gold Loan Calculator?

The easy-to-use Jana 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.