South Indian Bank Gold Loan Calculator

What Is South Indian Bank Gold Loan Calculator?

Sometimes calculating your EMIs can be chaos DialabankGold Loan has got a solution. It will clean all your mess with the help of the South Indian Bank Gold Loan Calculator if you are thinking about getting a credit against your gold from South Indian Bank or any bank or financial institute use South Indian Bank Gold loan calculator.

As you have noticed the growth in the gold price which asserts that you will get an excellent value on your gold.

The South Indian Bank Gold Loan Calculator featured on Dialabank can help you calculate the EMI you will pay every month for the credit borrowed. You can calculate multiple interest rates, tenure periods, or a combination of both provided by different creditors and go with what best suits you.

For other banks like Development Credit Bank Gold Loan Calculator visit dialabank.

About Gold Loan

A gold loan is categorized as a secured loan because you provide your gold as security to the bank or any other lender. The bank offers you the required money by keeping your gold as collateral, and you get back your gold after your repayments. The procedure is simple and quick as you provide your gold as collateral which gives you additional security. If you choose Dialabank for your gold loan will be processed within minutes, and you will get the leverage of using the South Indian Bank Gold Loan Calculator to calculate and find the exact payments you need to make.

Why Is Gold Loan Preferred?

  • Flexibility: A gold loan gives you the flexibility to repay your loan principal and interest
  • Low interest: if you compare the interest rate of other loans, the interest rate offered by banks for gold loan is smaller.
  • Prepayments charges: Today, many banks and lenders don’t even ask for prepayment charges.
  • Documents: The gold loan is a secured loan that helps your loan gets processed with a minimum document
  • Speed: Minimum documents means less time for the process and a quick loan.

Benefits of Using South Indian Bank Gold Loan Calculator

The benefit of the South Indian Bank Gold Loan Calculator

  • Quick Results: The speed of Dialabank South Indian Bank Gold Loan Calculator is faster than any human, which will help you get the EMI amount quickly.
  • Accurate: A human mind can make mistakes, but the calculator won’t.
  • Latest price: South Indian Bank Gold Loan Calculator has an inbuilt function of calculating as per ongoing changes in gold rate.

South Indian Bank Gold Loan Eligibility Criteria

  • Age: Minimum age is 21 years, and Maximum Age limit is 65 years
  • Loan Amount: All banks offer a gold loan up to Rs 20 lakhs, and The amount might expand to Rs 2 crore.
  • Employment Requirements: Gold loans are available for individuals salaried and self-employed; even homemakers with no income can get a loan.
  • Gold as a Security: The gold to be deposited should be around 18-24 carats. The average gold price of the previous 30 days for 22 carats is adjusted.
  • CIBIL Score Requirements: No CIBIL score requirements for a gold loan. But, previous payment history related to gold loans has to be evaluated to check your eligibility.
  • Documents Required: Identity proof and address proof.

South Indian Bank 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.

South Indian Bank Gold Loan Calculator

South Indian Bank Gold Loan EMI Payments

Advantages

  • Easy payment: The EMI allows you to make easy payments every month that saves you from the burden of making lumpsum payments.
  • Tenure: Emi is available for a more extended period.
  • Low interest: if you compare the other interest rates, the interest rate offered by banks for gold loan is smaller.

Disadvantages:

  • EMI: Making payments every month can be a burden.

What Is Bullet Repayment Scheme

When you make an entire payment for an outstanding loan, usually at the maturity date is called bullet repayment. It saves you from paying principal amount every month Balloon loan is another term used for bullet payment; it is used mainly in banking and real estates.

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?

Here is why you should consider bullet repayment schemes:

  • No EMIs: It saves you from paying the principal amount every month
  • Short period loan: It is best for short term gold loans if less than six months
  • Flexible repayment schedule: It helps as you can choose to pay interest on the loan as monthly EMIs and the principal payment in one instalment instead of spending it every month at the end of the loan tenure.

Why Not Opt for A Bullet Repayment Scheme?

  • Interest: Some bank may charge a higher interest rate
  • Repayments: You end up paying Higher interest on bullet repayment loan as not reduce any balance 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
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?

You just need to provide few details:

  • The interest rate offered by the banks/lenderSouth Indian Bank Gold Loan Calculator
  • The loan amount of the subscribed or required Gold loan principal
  • The duration of the loan

After you input these details, the calculator will show the monthly repayments that you need instantly.

To use South Indian Bank Gold Loan Calculator, visit Dialabank,

Why should You Use The South Indian Bank Gold Loan Calculator Tool by Dialabank?

To calculate the Gold Loan (EMIs) Equated Monthly Installments, the calculator can be helpful in several ways:

  • It saves you from hours of tedious and fault-prone calculations.
  • It works with the latest gold price.
  • It also allows you to try different options to find the Gold loan suitable for your requirement.
  • By knowing the accurate EMI, you can adjust your monthly budget to make timely payment.

FAQs About South Indian Bank Gold Loan Calculator

✅ Who is eligible for a gold loan?

Any Indian citizen between 18 and 70 years of age can get a gold loan if he/she owns gold jewellery and coins (gold bars and gold coins of more than 50 grams each are currently not accepted as collateral for a gold loan)

✅ What is the tenure for a gold loan?

The tenure of a gold loan is flexible; it can range from a few days to a few months. In some cases, a gold loan may feature a tenure of a few years. However, this would be at the discretion of the bank.

✅ What happens to the gold as collateral?

Once you put gold as collateral for a Gold Loan, the gold ornaments or coins are held by the bank or (NBFC) non-banking financial company in a secure vault with no access till the loan amount with interest is repaid.

✅ Why apply for a gold loan through Dialabank?

Dialabank will help you by providing all details you need like interest rate, foreclosure processing fee and prepayment charges on your gold loan provided by any bank. This information and dialabank calculator is free of charge; you can use them whenever you want without limits and choose the best bank as per your requirements.

✅ How to use the South Indian Bank Gold Loan Calculator?

  • 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 these details, the calculator will show the monthly repayments that you need instantly. To use the Gold Loan Calculator, visit Dialabank.