Ujjivan Small Finance Bank Gold Loan Calculator

What is the Ujjivan Small Finance Bank Calculator?

The Ujjivan Small Finance Bank Gold Loan Calculator is one of the most friendly and consumer-preferred tool which is now available to all who wish to borrow money in the form of a gold loan, from either a bank or a non-banking agency, however, you would be required to submit your gold as collateral. There is a high chance for the applicants to get higher rates in exchange for their gold as the gold prices are constantly fluctuating. The purity of the gold is also taken into serious consideration when deciding the amount that you would receive as a gold loan. 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

Gold Loan is one of the secured forms of loans. The collateral asked here is the gold. The bank or the lending institution would provide you with the loan amount based on the purity of the gold jewellery or coins and the current value of gold in the market. The gold which has been pledged for a loan can then be taken back when the applicant repays all the interest amounts regularly and eventually is done with the loan tenure. The loan tenure of a gold loan ranges from a few days to a maximum of 6 months only. They would only ask you to submit minimal documents and it is known for its quick disbursal.

Why is Gold Loan preferred?

Gold loans are preferred, because:

  1. Flexible repayment strategies
  2. Lower interest rates
  3. Loan tenures are very short
  4. Minimal documentation
  5. Instant disbursal of the amount.
  6. Most of the NBFC’s do not charge pre-payment charges on gold loans.

Benefits of Using Ujjivan Small Finance Bank Gold Loan Calculator

The benefits of using the Ujjivan Small Finance Bank Gold Loan Calculator, are:

  1. Helps you find the exact and current value for the gold that has been pledged, despite the fluctuation of the rates.
  2. The gold loan calculator is said to be having a very intuitive interface that ensures accuracy.
  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 and the maximum age should be 65 years.
  • The loan amount offered by the bank would start from Rs. 20 lakhs and can go up to Rs. 2 crores.
  • The gold loans are available and accessible to all individuals despite their occupation status, this could range from: self-employed individuals, salaried employees, housewives with no income source can also avail this gold loan.
  • 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. However, the previous payment histories with respect to gold loans are assessed before giving the loan.
  • You 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.

Ujjivan Small Finance Bank Gold Loan Calculator

Gold Loan EMI Payments

Advantages:

  • The EMI option makes it easier for the applicant to save money every month that saves him/her from the burden of accumulating all the payments together.
  • It is most suitable for long-term loans.
  • The rate of interest is relatively lower for EMI payments when compared to the bullet repayment scheme.

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 is a lump sum payment made for the entirety of an outstanding loan amount after maturity. It can also be a single payment of principal on a bond. In terms of banking and real estate, such loans with bullet repayments are also referred to as 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?

You should opt for a Bullet Repayment Scheme, for the following reasons:

  1. Reduces your tensiion
  2. Most applicable for short term loans
  3. Helps in you availing a flexible repayment schedule.

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?

The Calculator tool provided by Dialabank should be used, because:

  1. Provides you with instant and equivalent options if you are not satisfied with the current answer.
  2. It is known for its accuracy and precision.
  3. Less time consuming when compared to having to calculate the EMI using the formula.
  4. Helps in streamlining finances and planning expenses accordingly.

FAQs About Ujjivan 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 (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 Ujjivan Small Finance Bank Gold Loan Calculator?

The easy-to-use Ujjivan Small Finance 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.