GET GOLD LOAN
AT LOWEST INTEREST RATE

⍟  Highest Rate Per Gram
⍟  Lowest Interest Rate of 0.79% p.m.

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    Lakshmi Vilas Bank Gold Loan Calculator

    What is the Lakshmi Vilas Bank Gold Loan Calculator?

    The most user-friendly and consumer-preferred Lakshmi Vilas Gold Loan calculator is now provided to anyone who wishes to borrow money in the form of a gold loan from either a bank or a non-banking company, but it would require to submit the gold for security reasons. With the gold prices continuously fluctuating, there is a high chance that each applicant might get really high returns for their gold jewellery. However, the jewellery’s purity also affects the approval of the gold loan amount that you would receive.

    This feature is now brought to you by Dialabank on the website, to make it easier for you to decide which option is most convenient for you and suits your preferences.

    About Gold Loan

    The gold loan falls under the category of secured loans, which the banks would ask collateral for. The lending institution would provide the loan amount to the applicants only if they provide their gold as jewellery or coins, for surety. They would return the gold back to the applicant if they keep paying their dues correctly and eventually returns the amount that they borrow. The loan tenure for a gold loan is typical of medium-term duration. It is known for having a quick processing technique and would ask you to submit minimum documents. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use Lakshmi Vilas Bank Gold Loan Calculator to calculate your monthly payouts instead of the loan.  Lakshmi Vilas Bank Gold Loan Calculator

    Why is Gold Loan preferred?

    Gold loans are preferred, because:

    1. They offer the lowest interest rates when compared to other types of loans.
    2. The repayment strategies are very flexible.
    3. The loan tenure offered is quite short, making it easier for you to take your gold back
    4. They would ask very minimal documentation from you.
    5. Instant disbursal of the loan amount in your account.
    6. Most of the NBFC’s do not charge pre-payment charges on gold loans.

    Benefits of Using Lakshmi Vilas Bank Gold Loan Calculator

    The benefits of using the Lakshmi Vilas Bank Gold Loan Calculator, are:

    1. The gold loan calculator would help in finding the exact and the current value for the pledged gold, amidst all the rate fluctuations.
    2. It has a very intuitive interface that makes all the calculations accurate and precise.
    3. 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 applicant should be 21 years
    • The maximum age should be 65 years.
    • The loan amount offered by the bank would start from Rs. 20 lakhs
    • It can go up to a maximum of Rs. 2 crores.
    • The gold loans are available and accessible to all individuals despite their occupational status
    • The gold deposited should have purity in the range of 22-24 carats.
    • Then the average price of the gold is adjusted by comparing it to the rates of the past 30 days.
    • For gold bars and coins, the purity range can be from 18-24 carats.
    • There is no necessity for the applicant to have a CIBIL score to avail of a gold loan.
    • You only need to submit your identity proof 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.

    Lakshmi Vilas Bank Gold Loan Calculator

    Gold Loan EMI Payments

    Advantages:

    • Makes it easier for the applicant to save money on a monthly basis that saves him/her from accumulating all the payments together
    • Most applicable for long term loans.
    • The interest rates are relatively lower for EMI’s when compared to the other schemes.

    Disadvantages:

    • 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 the lump sum amount an individual would have to pay for the entirety of the outstanding loan amount after the maturity period. It can be done in the form of a single payment of principal on a bond. In banking and real estate terms, these loans could also be called balloon loans. They are used in mortgage and business loans to be able to reduce the monthly payments during the terms of these 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?

    These are the reasons why one should opt for a bullet repayment scheme. They are:

    1. It lessens your burden of repaying the principal amount every month
    2. It is most applicable for the short term tenure gold loans of 6 months or lesser.
    3. If you apply for a flexible repayment schedule then it helps you in applying for that, where you have the option to choose to pay interest on the loan as monthly EMIs and the principal amount at the end of the loan tenure.

    Why not opt for a Bullet Repayment Scheme?

    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?

    Dialabank’s Gold Loan Calculator functions the following way. It would require you to enter the following details:

    1. The loan tenure of the required principal value of the gold.
    2. The interest rate offered by the bank for that value of gold.
    3. The loan tenure that you are expecting.

    After you enter these 3 values, the calculator would instantly do the calculations and provide you with the answer that you are looking forward to.

    Why should you use the Calculator tool by Dialabank?

    You should use the Calculator tool provided by Dialabank, because:

    1. It provides you with instant equivalent alternate options if you are not happy with the current outcome.
    2. It is known for its precision.
    3. It is less time-consuming when compared to manually calculating the EMI’s using the formula.
    4. This helps to prepare and allot your finances accordingly.

    FAQs About Lakshmi Vilas 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 (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 Lakshmi Vilas Bank Gold Loan Calculator?

    The easy-to-use Lakshmi Vilas 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.