What is the Canara Bank Gold Loan Calculator?
Dialabank’s website has a Canara Bank Gold Loan Calculator that you can use easily to borrow money from a bank or a non-banking financial company, after submitting the gold that is in their possession as collateral. As the gold prices are rising, every applicant gets a very good value on their gold ornaments, because the value of the jewelry affects the amount of loan which has to be approved directly.
The online Canara Bank Gold Loan Calculator can help you figure out the amount of EMI that you will have to pay for the loan amount that you borrowed. By using it you can try different combinations of various interest rates and tenures that are offered by all banks to get the best option available.
About Gold Loan
A gold loan is a secured loan that is provided by the banks against collateral. They provide the borrowers with the necessary loan by keeping the gold jewelry and coins with them until the borrower repays the money. A loan that has been secured with gold ornaments is offered for short to medium-term duration. The loan is usually processed within minutes.
It does not require any paperwork as you are proving the bank with collateral. When an individual applies for the gold loan from Dialabank, he or she will get the option of leveraging the Canara Bank Gold Loan Calculator so that he or she can calculate the monthly payouts instead of the loan.
Why is Gold Loan preferred?
A gold loan is the preferred choice of loans for individuals to meet some immediate financial requirements for many reasons. Some of those reasons include:
- Gold loans provide a low interest rate as compared to all the other available options such as a personal loan.
- The tenure of a gold loan is very flexible and its tenure ranges from a few days to 5 years.
- Many banks and NBFCs do not ask for any pre-payment charges on gold loans.
- You need only a minimal amount of documentation for it.
- The loan is also disbursed very fast.
Benefits of Using Canara Bank Gold Loan Calculator
The benefits of a Canara Bank Gold Loan Calculator are as follows:
- As the gold prices are rapidly increasing, the Canara Bank Gold Loan Calculator helps you find the best value for your pledged gold because this sanctioned loan value depends on the value of the jewellery.
- Our Gold Loan Calculator has an intuitive interface that ensures that the calculations are done quickly and accurately.
- The software uses the latest Gold Loan per gram prices for calculations.
Gold Loan Eligibility Criteria
To avail of a gold loan you must fulfil the following eligibility criteria:
- Minimum Age: 21 years.
- Maximum Age limit: 65 years.
- Loan Amount: Each bank offers a gold loan of up to Rs 20 lakhs and the amount can extend up to Rs 2 crore.
- Employment Requirements: Gold loans are available for every individual irrespective of their job. Salaried employees, self-employed individuals, and even housewives will be able to pay for the loan.
- Gold as a Security: The gold can be deposited in the form of security should range between 18-24 carats. The average gold price of the previous 30 days for 22 carats is adjusted. Ornaments such as gold bars and coins with 18-24 carats purity can be used.
- CIBIL Score Requirements: There is no CIBIL score needed to get a gold loan, although, previous payment history regarding gold loans has to be evaluated to check your efficiency of repayments.
- Documents Required: You should include identity proof and address proof. No Income Proof is required to get a gold loan in our country.
Gold Loan Eligibility Calculator
|Minimum and Maximum Age||21 Yrs – 65 Yrs
Note: However, many banks require a minimum age of 23 years
|Quality of Gold|
|Gold ornaments that can be used for availing loan|
|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.|
Canara Bank Gold Loan Calculator
|Gold Loan per gram||₹ 2,776 to ₹ 3,393|
|Eligible Age||18 to 75 years|
|Loan Amount Eligibility||₹ 1,000 to ₹ 2,00,00,000|
|Lowest Gold Loan Interest Rates||9.50%|
Gold Loan EMI Payments
- The EMI allows a loan applicant to make easy payments every month that saves him/her from the burden of payments altogether.
- The EMI options are suitable for long-term loans.
- The rate of interest is lower in EMI payments as compared to the Bullet Repayment Scheme.
- 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 that is made for the entirety of an outstanding loan amount after maturing. It can also be a single payment of principal on a bond. These kinds of loans with bullet repayments are also called balloon loans. These types of loans are usually used in mortgages 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 (₹)|
|Bullet Payment (At 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 Bullet Repayment Scheme for the following reasons:
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||9.50%||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||10.00%||Rs. 8,792||Rs. 15 Lakh for 12 months|
|Federal Bank||8.50%||Rs. 8,722||Rs. 75 Lakh for 12 months|
|Canara Bank||7.65%||Rs. 8,683||Rs. 10 Lakh for 12 months|
|Andhra Bank||10.70%||Rs. 8,824||Rs. 2 Cr for 12 months|
|Axis Bank||13.00%||Rs. 4,754||Rs. 20 Lakh for 24 months|
|IndusInd Bank||10.00%||Rs. 8,792||Rs. 10 Lakh for 12 months|
|PNB||8.75%||Rs. 8,734||Rs. 10 Lakh for 12 months|
|Fincare Small Finance Bank||12.99%||Rs. 11,721||Rs. 40 Lakh for 9 Months|
How does Dialabank’s Canara Bank Gold Loan Calculator work?
To use Canara Bank Gold Loan Calculator at Dialabank, you would need to provide them with a few key details:
- The interest rate that is offered by the banks providing you with a Gold Loan
- The loan amount of the subscribed or required Gold loan principal
- The duration of the loan
After submitting these three details, the Calculator would instantly calculate the monthly instalments that are to be paid by the borrower.
Why should you use the Calculator tool by Dialabank?
To calculate the Gold Loan Equated Monthly Installments (EMIs), the calculator can assist you in several ways:
- It saves you from hours of tedious and fault-prone calculations.
- It incorporates the latest gold prices into the calculation.
- It also allows you to try out different options to find the Gold loan that is suitable for your requirement.
- By knowing the EMI that is payable, you can adjust your monthly budget so that you can make timely payments of your gold loan.
FAQs About Canara Bank Gold Loan Calculator
✅ Who is eligible for a gold loan?
Any Indian who is aged between 18 and 70 years and 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 Canara Bank Gold Loan Calculator?
The easy-to-use Canara 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 installments for a specific loan. This facility is provided to you free of charge and for an unlimited number of times for your benefit.
Table of Contents
- 1 What is the Canara Bank Gold Loan Calculator?
- 2 About Gold Loan
- 3 Why is Gold Loan preferred?
- 4 Benefits of Using Canara Bank Gold Loan Calculator
- 5 Gold Loan Eligibility Criteria
- 6 Gold Loan Eligibility Calculator
- 7 Canara 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 Canara Bank Gold Loan Calculator work?
- 15 Why should you use the Calculator tool by Dialabank?
- 16 FAQs About Canara Bank Gold Loan Calculator