GET GOLD LOAN
AT LOWEST INTEREST RATE

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

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    What is the Andhra Pragathi Grameena Bank Gold Loan Calculator?

    What is the Andhra Pragathi Grameena Bank Gold Loan Calculator?

    The most accessible and customer-friendly Andhra Pragathi Grameena Bank Gold Loan Calculator is now being offered to anyone who wishes to borrow money from either a bank or a non-banking company, provided they have gold to submit as collateral. The gold prices are constantly fluctuating, each and every applicant has a high chance of getting excellent returns on their gold ornaments, the jewellery’s purity affects the approval of the loan amount.

    This online calculator feature that is brought to you by Dialabank on our website, would make it easier for you to determine what you would be required to pay for the amount that you borrow. Using this calculator, you can try different interest rates and tenure permutations, and combinations that different banks offer to make sure you get the best available option

    About Gold Loan

    A gold loan is categorised as a secured loan which the banks provide against collateral. The lenders provide the loan amount to the customers/applicants in exchange for them giving them their gold jewellery or coins, which the lender would later return if the customer pays all his/her dues correctly. The loan tenure for these type of loans is generally of a short to a maximum of medium-term duration. This loan is known for its quick processing and minimal paperwork. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use Reliance Gold Loan Calculator to calculate your monthly payouts instead of the loan. Andhra Pragathi Grameena Bank Gold Loan Calculator

    Why is Gold Loan preferred?

    Gold Loan is usually preferred for the following reasons :

    1. Gold loans are the loans that have the lowest interest rates available
    2. The loan tenure is extremely short and it’s very flexible.
    3. Minimal documentation required
    4. Amount gets disbursed almost instantly after the approval
    5. Most of the NBFC’s do not charge pre-payment charges on gold loans.

    Benefits of Using Andhra Pragathi Grameena Bank Gold Loan Calculator

    The benefits of using the Andhra Pragathi Grameena Bank Gold Loan Calculator, are:

    1. Since the gold prices keep rising and falling, Andhra Pragathi Grameena Bank Gold Loan Calculator would help you find the exact and current value for your pledged gold.
    2. The gold loan calculator has a very intuitive interface that makes the calculations always accurate.
    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.

    Andhra Pragathi Grameena 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?

    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?

    The Dialabank‘s Gold Loan Calculator works if you enter the following details, that is:

    1. The interest rates offered by the banks that are giving the gold loan
    2. The loan amount of the required gold principal
    3. The expected loan tenure.

    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 could use the Calculator tool by Dialabank, for the following reasons:

    1. It is less time-consuming
    2. It gives you the most accurate answers.
    3. It also gives you alternate equivalent options that might be more suitable for your requirements.
    4. If you know the money that you would have to pay every month, it would help in planning your budgets accordingly.

    FAQs About Andhra Pragathi Grameena 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 Andhra Pragathi Grameena Bank Gold Loan Calculator?

    The easy-to-use Reliance 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.