⍟  Lowest Interest Rate of 0.79% p.m.
⍟  Highest Rate Per Gram ₹ 5,121
⍟  No Melting of Your Gold
⍟  Get Loan in 1 Visit Only
⍟  100% Safety of Your Gold (kept in Bank Locker)

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City Union Bank gold loan Calculator

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What is the Gold Loan EMI Calculator?

Dialabank brings to you an easy-to-use gold loan EMI calculator for one who wants to borrow money from a bank or a non-banking financial company, using gold that they own as collateral. Since the gold prices are hiking, every applicant gets a very good value on their gold ornaments, as the value of the jewelry affects the amount of loan to be authorized directly.
The online calculator featured on Dialabank’s website can further support you find out the amount of EMI that you would require to pay for the borrowed loan amount. By using the EMI calculator you can apply different interest rates and tenure permutations and combinations that are proposed by different banks to make sure you get the best available option.

About Gold Loan

A gold loan is a secured loan, which is given by the banks against collateral. The banks give borrowers this loan by keeping gold jewelry and coins with them, which the bank returns to the borrower after the money has been repaid. A loan that has been secured with gold ornaments is offered for short to medium-term duration. The loan is usually coursed within a few minutes and it does not need any paperwork. When one ask for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use gold loan EMI calculator so that he or she can calculate your monthly payouts instead of the loan.

Why is Gold Loan preferred?

To meet some urgent financial requirements, a gold loan is the preferred choice of loans for individuals for many reasons. Some of those reasons include:

  • Gold loans provide a low-interest rate as compared to other available options such as a personal loan.
  • The tenure of a gold loan is very flexible and its tenure varies from a few days to 5 years.
  • Many banks and NBFCs do not ask for pre-payment fees on gold loans.
  • To get this loan, minimal documentation is required.
  • The loan is also disbursed veryquickly.

Benefits of Using Gold Loan Calculator 

The benefits of a gold loan calculator are as follows:

  • As the gold prices are increasing, the Gold Loan calculator helps you find the best value for your pledged gold because this sanctioned loan value depends on the value of the jewelry
  • Our Gold Loan calculator has an intuitive interface that makes sure that the calculations are quick and exact.
  • The software is seen to use the modern Gold Loan per gram prices for calculations

Gold Loan Eligibility Criteria 

To avail of a gold loan you must complete the following eligibility criteria:

  • Minimum Age: 21 years.
  • Maximum Age limit: 65 years
  • Loan Amount: Every bank proposes a gold loan of up to Rs 20 lakhs. The amount may extend up to Rs 2 crore.
  • Employment Requirements: Gold loans are available for all people irrespective of their employment. Salaried employees, self-employed individuals, and even house-wives with no source of income can avail of a gold loan.
  • Gold as a Security: The gold that is to 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 are no CIBIL score requirements to get a gold loan. But, previous payment history regarding gold loans has to be evaluated to check your efficiency of repayments.
  • Documents Required: You must also include identity proof and address proof. No Income Proof is needed to get a gold loan in India.

Gold Loan Eligibility Calculator

Minimum and Maximum Age 21 Yrs – 65 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 loan
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 jewelry can be estimated by multiplying the price of 22 Carat jewelry 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.

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

Benefits:

  • 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 best suitable for long-term loans.
  • The rate of interest is lower in EMI payments in comparison to the Bullet Repayment Scheme.

Demerits:

  • EMI payments can be a burden for some as installments are needed to be paid every month.

What is Bullet Repayment Scheme 

A bullet repayment is a lump sum payment that is made for the completion 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 types of 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 27,007 3,625
Month 2 27,007 3,625
Month 3 27,007 3,625
Month 4 27,007 3,625
Month 5 27,007 3,625
Month 6 27,007 3,625
Month 7 27,007 3,625
Month 8 27,007 3,625
Month 9 27,007 3,625
Month 10 27,007 3,625
Month 11 27,007 3,625
Month 12 27,007 3,625
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 select the Bullett Repayment Scheme for the following reasons:

  • It would save you from the burden of repaying the principal every month
  • It is suitable for short tenure gold loans of less than 6 months
  • It supports apply to a flexible repayment schedule where you can also choose to pay interest on the loan as monthly EMIs and the principal payment in one installment at the end of the loan term. Some of the banks also offer the flexibility of paying some portion of the principal as part of your monthly payments.

Why not opt for a Bullet Repayment Scheme?

  • Some banks may offer softer LTV and charge a higher rate of interest on bullet repayment loans
  • You end up paying higher interest on your bullet repayment loan as it is not a reducing balance loan. The effective rate of interest is higher in a bullet repayment loan even when the quoted interest rate is the same as that of the EMI Gold 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 Eligibility 7.50% Rs. 3,111 Rs. 20 Lakh for 36 months
Muthoot Gold Loan Eligibility 11.99% Rs. 3,321 Rs. 50 Lakh for 36 months
Manappuram Gold Loan Eligibility 12.00% Rs. 8,885 Rs. 1 Cr for 12 months
HDFC Bank Gold Loan Eligibility 9.50% Rs. 4,591 Rs. 50 Lakh for 24 months
Yes Bank Gold Loan Eligibility 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 Gold Loan EMI Calculator work?

To use Gold Loan EMI Calculator at Dialabank, you would require to provide them with a few key details:

  • The interest rate offered by the banks that provide a Gold Loan
  • The loan amount of the subscribed/required Gold loan principal
  • The intended duration of the loan

After submitting these three details, the EMI calculator would instantly calculate the monthly installments that are to be paid by the borrower.

Why should you use the EMI 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 also incorporates the latest gold prices into the calculation.
  • It also allows you to try out numerous 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 City Union 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 gold loan EMI calculator?

The easy-to-use gold loan EMI 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.

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