What Is the Karnataka Bank Gold Loan Calculator
Calculating your EMIs can be troublesome and inaccurate, and it can create issues, and incorrect amounts can make a wrong decision.
If you are thinking about getting credit by providing gold in your possession from the Karnataka Bank or any bank or financial institute, use Karnataka Bank Gold Loan Calculator to calculate your EMIs. Gold rates are increasing Karnataka Bank Gold Loan Calculator can give you the best value for your gold.
Karnataka Bank Gold Loan Calculator is a user-friendly tool with a quick calculating function; there are no limits to use it; you can use it on your desktop at home or maybe office. Karnataka Bank Gold Loan Calculator is available on Dialabank; you can use it whenever you want, and you can find the right amount you are going to pay every month.
Karnataka Bank Gold Loan Calculator can also help you compare the interest rates of different banks, which can be a great help for you while deciding which offer you should decide on.
About Gold Loan
Getting a gold loan is a lot easier than you think as you provide your gold as assurity to the creditors making the process easier. Suppose you choose Dialabank for your gold loan. In that case, your loan will be processed within minutes, and you can use the Karnataka Bank Gold Loan Calculator to calculate and find the precise amount you will have to pay; you can also get the help of our expert with complete assistance and updates. Karnataka Bank Gold Loan Calculator works with all changes in the gold price that takes place.
Gold is a popular item among all Indians, but it’s also expensive, limiting individuals who wish to buy the gold to make the possible purchase banks provide the loan after they get possession of your gold adding to your security which makes the procedure easier.
The bank offers you the required money by keeping your gold as collateral, and you will get back your gold after a predetermined period decided by you. You can compare different interest rates offered by different banks with the help of the Karnataka Bank Gold Loan Calculator. You can calculate different interest rates, tenure, or both provided by various banks.
Why Is Gold Loan Preferred?
- Flexibility: A gold loan can be flexible. If you choose bullet repayment, you can decide the maturity date according to your income and comfort.
- Low interest: All Banks offer low-interest rates comparatively as gold is within their possession.
- Prepayment charges Prepayment fee is chargeable for other loans, but many banks give gold loan exceptions, which means you can make prepayment without paying any extra money.
- Documents: A gold loan is a simple process compared to other loans with fewer documents required.
- Speed: Simple documentation help you get your loan sanctioned faster than other loans.
Benefits of Using Karnataka Bank Gold Loan Calculator
Benefits of Karnataka Bank Gold Loan Calculator
- Best value: Karnataka Bank Gold Loan Calculator will provide you with the best buy by comparing gold prices and giving you the precise rate.
- Quick Results: Karnataka Bank Gold Loan Calculator is a tool developed for all customers and is faster, calculating EMI in seconds which saves your time
- Accurate: Karnataka Bank Gold Loan Calculator provides the precise amount you need without any mistakes.
- Latest price: Karnataka Bank Gold Loan Calculator is a tool developed with multiple functions. Karnataka Bank Gold Loan Calculator will calculate according to all changes in the gold price.
Gold Loan Eligibility Criteria
- Age: You can’t get a loan if you are below 18 with a maximum age of 70.
- Loan Amount: Loan amount cant exceed 25 lakhs for agriculture purpose three lakhs.
- Employment Requirements: Employee with monthly or regular wages and self-employed individual.
- Gold as a Security: The gold deposited should be around 18 to 24 carats. and should meet the purity standard
- CIBIL Score Requirements: No CIBIL scored is required for a gold loan.
- Documents Required: 2 passport size photo, Identity proof, residential proof, agriculture land proof in case of agriculture gold loan.
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
Karnataka Bank Gold Loan Calculator
Gold Loan EMI Payments
- Easy payment: Gold is expensive buying it in a single go seems impossible for individuals with low income and people related to agriculture works. EMI offers you to buy a loan by making easy payments; pay easy money for 12 months, and the gold is yours.
- Tenure: The tenure offered by various banks is different; usually, it’s 12 months, but you can get it extended if bullet repayment.
- Low interest: The interest rate is low for Karnataka Bank Gold Loan as the bank posses your gold.
- Scheme: The banks provide various schemes; you get to choose any plan that suits you the best.
- Monthly payment: EMI payment every month from your account won’t be suitable.
What Is Bullet Repayment Scheme
If a person makes full payment of an outstanding loan on its maturity date instead of paying continuous EMI, it is called bullet repayment. Bullet repayment saves you from paying EMIs every month. The total amount is to be paid at a predetermined time decided by the bank and you. A balloon loan is another term used for bullet payment.
Banks offer two types of repayment EMI and bullet repayment EMI is a certain amount you need to pay every month constantly for 12 months in most cases, in case of bullet repayment, you don’t have to pay this EMI every month; you can pay the amount on its maturity date which you and bank decide. Some charges and interest may be charged as you get the flexibility of repayment.
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 you should consider bullet repayment schemes:
- No EMIs: Pay the principal amount on the maturity date and get rid of constant EMI payments.
- Short period loan: A bullet loan is best for short tenure gold loans.
- Flexible repayment schedule: You don’t have to pay every month on a fixed date; you get to decide the date of maturity.
Why Not Opt for A Bullet Repayment Scheme?
- Interest: Some banks can charge a higher amount of interest.
- Repayments: You might want to stop your EMIs, but you can end up paying more than a usual 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?
You need to put the following detail:
- The interest rate offered by the banks/lender
- The loan amount of the subscribed or required Gold loan principal
- The duration of the loan
After you input all the details mentioned above, the calculator will show your monthly repayments instantly. You can use the Gold Loan Calculator, visit Dialabank,
Why Should You Use The Calculator Tool by Dialabank?
To calculate the Gold Loan (EMIs) Equated Monthly Installments, the calculator tool can be helpful in several ways:
- EMI amount is accurate.
- The calculation is swift, which saves your time
- It works with the changes in the gold price.
- It also allows you to try multiple options provided by banks to find the Gold loan suitable for you.
- You can adjust your monthly budget as you get the exact amount you are going to pay.
FAQs About Karnataka Bank Gold Loan Calculator
✅ How much loan can I get on 10 grams of gold?
Depending upon the purity of gold a person can avail of a loan amount between Rs.18,500 and Rs. 27,000 on 10 grams of gold.
✅ When does the loan against gold become NPA?
When a borrower fails to repay their loan amount for a long period of time, the lender marks it as an NPA, Non-Performing Asset. A lender would usually allow one or two slip-ups in loan repayment but if it continues even after three consecutive months it is marked as NPA and bars the borrower from getting future loans.
✅ What is LTV in a loan against gold?
LTV is Loan to Value Ratio, it is basically the amount of loan you can get against gold as collateral. In India, LTV for a loan against gold is set at 75% by RBI for all the banking and non-banking financial institutes. For example, if your gold is valued at Rs. 1 Lakh in the market then at 75% LTV you can avail of a maximum loan amount of Rs. 75,000.
✅ What is the interest rate for an agriculture gold loan?
Agricultural gold loans start at an interest rate of 7% per annum. A person is required to present proof of agricultural land and cultivation along with the basic documents such as an Aadhaar Card and PAN Card that are required.
✅ What is an Agri gold loan?
Agri gold loan is a loan against gold particularly for farmers that is available for agricultural purposes. The loan amount disbursed under the Agri gold loan can only be used for agricultural and allied activities. One has to present the proof of agricultural land and cultivation along with the basic documents required for a loan.
✅ What is Gold Loan EMI calculator?
Gold loan calculator is a tool used to calculate the worth of one’s gold and the loan amount one is eligible for based upon the weight and purity of their gold. It is a very basic tool to get an idea of how much loan a person can avail of against their gold.
Table of Contents
- 1 What Is the Karnataka Bank Gold Loan Calculator
- 2 About Gold Loan
- 3 Why Is Gold Loan Preferred?
- 4 Benefits of Using Karnataka Bank Gold Loan Calculator
- 5 Gold Loan Eligibility Criteria
- 6 Gold Loan Eligibility Calculator
- 7 Karnataka 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 Karnataka Bank Gold Loan Calculator