What is the Utkarsh Small Finance Bank Gold Loan Calculator?
Utkarsh Small Finance Bank Gold Loan Calculator is now available on the Dialabank website for anyone who wishes to borrow money from a bank or a non-banking company as a gold loan. They would just be required to submit the gold as collateral/security. Since the gold prices are constantly rising and falling, it becomes difficult to calculate the EMI to be paid every month. This is why the use of a gold loan calculator would be very useful. This would let you try the different interest rates and tenure permutations, and combinations that different banks would be willing to offer to make sure that you have the best option there is according to your needs.
About Gold Loan
Gold is one of the most secured forms of loan. All secured loans would require you to submit any one of your assets as collateral/security. For a gold loan, you would have to submit your gold jewellery in exchange for the money that you are about avail in the form of a gold loan. The loan tenure would be relatively short when compared to the other forms of loans. This is also very famous for being quick in terms of processing, minimal paperwork and instant amount disbursal. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use.
Why is Gold Loan preferred?
Gold loan is preferred because of:
- The tenure offered for gold loans are very short
- There are flexible repayment options that are provided when the gold loan is availed.
- There is very little documentation that needs to be submitted.
- They provide you with the lowest interest rates available in the market when compared to other forms of loans.
- There is almost immediate disbursal of the amount after the processing of the application is done
Benefits of Using Utkarsh Small Finance Bank Gold Loan Calculator
The benefits of using the gold loan calculator of the Utkarsh Small Finance Bank Gold Loan, are:
- Amidst the constant fluctuation of the gold rates, this calculator helps you find the exact value you would be expected to pay.
- The gold loan calculator is said to be having a very intuitive interface.
- It is known for its accuracy and precision.
- The software used can also help to calculate the gold loan per gram prices.
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.
- 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.
- 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.
- The people could range from self-employed individuals to 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 and no need to submit income 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
Utkarsh Small Finance Bank Gold Loan Calculator
Gold Loan EMI Payments
- This option reduces the financial burdens on the applicants and allows them to plan their finances, enabling them to start savings as well.
- Works well with 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 instalments are required to be paid every month.
What is Bullet Repayment Scheme
A bullet repayment scheme is defined as the scheme wherein the lump sum payment is made for the entire outstanding loan amount after the maturity period. There can also be a single payment for the principal on a bond. In the banking and real estate industry, these types of loans or schemes are termed 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
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:
- Reduces your financial tension.
- Only works for short term loan tenures which is lesser than 6 months.
- Offers a flexible repayment schedule.
Why not opt for a Bullet Repayment Scheme?
You shouldn’t opt for a Bullet Repayment scheme, because:
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?
This is how Dialabank’s Gold Loan Calculator works. It would require you to enter the following values:
- The interest rate offered by the bank that you have chosen.
- The loan amount for the gold that you have.
- The tenure of the loan.
After you submit these details, the calculator would automatically calculate the amount that you would have to pay every month according to the values that you have entered.
Why should you use the Calculator tool by Dialabank?
You should use the calculator tool by Dialabank, because:
- It saves your time
- It is known for its accuracy and precision.
- It provides you with alternate options if you are not satisfied with the current results.
- It would help in streamlining your expenses.
FAQs About Utkarsh 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 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 Utkarsh Small Finance Bank Gold Loan Calculator?
The easy-to-use Utkarsh 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 instalments for a specific loan. This facility is provided to you free of charge and unlimited times for your benefit.
Table of Contents
- 1 What is the Utkarsh Small Finance Bank Gold Loan Calculator?
- 2 About Gold Loan
- 3 Why is Gold Loan preferred?
- 4 Benefits of Using Utkarsh Small Finance Bank Gold Loan Calculator
- 5 Gold Loan Eligibility Criteria
- 6 Gold Loan Eligibility Calculator
- 7 Utkarsh Small Finance 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 Utkarsh Small Finance Bank Gold Loan Calculator