What is the Janalakshmi Small Finance Bank Gold Loan Calculator?
Janalakshmi Small Finance Bank Gold Loan Calculator is now a new feature that is brought to you by Dialabank, which can be accessed from their website. This is for individuals who wish to calculate the probable EMI that they might have to pay if they take a gold loan from a bank or a non-banking company. They would be asked to submit the gold jewelry or coins as a surety. The gold calculator is very useful because it would calculate the latest and the most accurate value for you, instantly. More like, right after you enter the required values.
About Gold Loan
Gold Loan is defined as the amount that an individual borrows from a bank or a lending institution by pledging their gold. The money that they get as a loan amount would be based on the value and the purity of the gold that they have pledged. This is why gold loans are considered to be secured loans. The loan tenure for gold loans is relatively short as compared to other kinds of loans. 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:
- Flexible repayment strategies provided by the bank
- The loan tenure is short
- Minimal documentation
- Lowest interest rates available, when compared to other kinds of loans.
- Immediate disbursal of the amount after the processing is done.
Benefits of Using Janalakshmi Small Finance Bank Gold Loan Calculator
The benefits one can get from using the Janalakshmi Small Finance Bank Gold Loan Calculator, are:
- Helps to find the most exact and the current value of the gold loan amount, amidst the fluctuation of the rates.
- It has a very intuitive, consumer-friendly interface.
- Known for its accuracy and precision.
Gold Loan Eligibility Criteria
The eligibility criteria for availing of a gold loan is:
- The person applying for a gold loan should at least be 21 years, however, if a person is above the age of 65 years then they are not eligible to apply for a gold loan.
- The minimum loan amount availed is Rs. 20 lakhs and the maximum loan amount that one can avail of is Rs. 2 crores.
- This gold loan is accessible to people of all income groups and occupation statuses. These people could be self-employed individuals, salaried employees or even housewives who have no source of income.
- The purity of gold jewellery should be between 22-24 carats. Whereas, the purity for the gold coins should be from 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
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
Janalakshmi Small Finance Bank Gold Loan Calculator
Gold Loan EMI Payments
- Reduces the financial tension on the applicants
- Allows them to plan their finances and start savings
- Most suitable for 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
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 as balloon 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?
Here is why one should opt for a Bullet Repayment Scheme:
- Decreases your financial worries
- It is most suitable for short term loans and helps you repaying faster
- 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:
- They would provide you with low LTV and charge a higher interest rate.
- 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 LakhEligible Loan Amount For Max Tenure SBI Gold Loan 7.50% Rs. 3,111Rs. 20 Lakh for 36 months Muthoot Gold Loan 11.99% Rs. 3,321Rs. 50 Lakh for 36 months Manappuram Gold Loan 12.00% Rs. 8,885Rs. 1 Cr for 12 months HDFC Bank Gold Loan 9.90% Rs. 4,591Rs. 50 Lakh for 24 months Yes Bank Gold Loan 9.99% Rs. 3,226Rs. 50 Lakh for 36 months Private Bank Gold Loan 10.00% Rs. 8,792Rs. 15 Lakh for 12 months Federal Bank Gold Loan 8.50% Rs. 8,722Rs. 75 Lakh for 12 months Canara Bank Gold Loan 7.65% Rs. 8,683Rs. 10 Lakh for 12 months Andhra Bank Gold Loan 10.70% Rs. 8,824Rs. 2 Cr for 12 months Axis Bank Gold Loan 13.00% Rs. 4,754Rs. 20 Lakh for 24 months IndusInd Bank Gold Loan 10.00% Rs. 8,792Rs. 10 Lakh for 12 months PNB Gold Loan 8.75% Rs. 8,734Rs. 10 Lakh for 12 months Fincare Small Finance Bank Gold Loan 12.99% Rs. 11,721Rs. 40 Lakh for 9 Months
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’s Gold Loan Calculator would require you to enter the following values:
- The loan amount for the principal gold that you are about to pledge.
- The interest rate of your choice/existing in a scheme
- The expected loan tenure.
After you submit the value, the calculator would do the calculation and provide you with the answer that you were looking forward to. It is based on this answer that you decide if this scheme would be suitable for you in the long run and that you might be able to handle the expense.
Why should you use the Calculator tool by Dialabank?
You should use the calculator tool by Dialabank, because:
- Less time consuming
- You would get values to the highest degree of accuracy and precision
- It would provide you with equal suggestions if you are not happy with the first outcome.
- Helps in planning your expenses
FAQs About Janalakshmi 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 Janalakshmi Small Finance Bank Gold Loan Calculator?
The easy-to-use Janalakshmi 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.