What is the HDB Gold Loan Calculator?
Dialabank’s website provides you with an HDB Gold Loan Calculator that you can use effortlessly to borrow money from any bank or a non-banking financial company after they have submitted the gold that is in their possession as collateral. The increase in the gold prices will allow every applicant gets an excellent value on their gold ornaments as the value of the jewellery usually affects the amount of loan which has to be approved.
The HDB Gold Loan Calculator will figure out the amount of EMI that you will have to pay for the loan amount that you borrowed. You can try different combinations of various interest rates and tenures that are offered by all banks to make sure that you get the best option available.
About Gold Loan
A gold loan is a secured loan that is arranged by the banks against collateral and which provides the borrowers with the required loan by keeping the gold jewellery and coins with them until the borrower repays the money. A gold loan is offered for short to medium-term duration. The process usually takes only a few minutes, and it does not require any paperwork because you provide the bank with collateral. When you apply for the gold loan, you will be able to leverage the Calculator for a gold loan so that he or she can calculate the monthly payouts in place of the loan.
Why is Gold Loan preferred?
A gold loan is a suitable choice of loans for people to meet some immediate financial requirements for many reasons. Some of those reasons include:
- Gold loans provide a low rate of interest as compared to all the other available choices, such as a personal loan.
- The tenure of a gold loan is very flexible, ranging from a few days to 5 years.
- Many banks and NBFCs don’t ask for any pre-payment fees on gold loans.
- You need only a few documents for it.
- The loan is also disbursed very fast.
Benefits of Using HDB Gold Loan Calculator
The benefits of an HDB Gold Loan Calculator are as follows:
- As the gold prices are increasing, the HDB Gold Loan Calculator supports you find the best value for your gold because this sanctioned loan value depends on the value of the jewellery.
- Our Gold Loan Calculator has a user interface that ensures that the calculations are done fast and exactly.
- The software uses the modern Gold Loan per gram prices for calculations.
Gold Loan Eligibility Criteria
To avail of a gold loan, you will have complete the following eligibility criteria:
- Minimum Age: 21 years.
- Maximum Age limit: 65 years.
- Loan Amount: Banks offer 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 everyone irrespective of their job. Every salaried employee, self-employed individual, and even homemaker will be able to pay for the loan.
- Gold as a Security: The gold can be submitted in 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 utilized.
- CIBIL Score Requirements: There is no CIBIL score needed to get a gold loan, although, last 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.|
HDB 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 back every month.
What is Bullet Repayment Scheme
A bullet repayment is a lump sum payment made for the whole of an outstanding loan amount post 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 tenure of the loans.
EMI Gold Loan Scheme with Bullet Repayment Scheme Comparison
|Monthly Payment||EMI Scheme (₹)||Bullet Repayment (₹)|
|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?
It would help if you opted 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|
|Private 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 HDB Gold Loan Calculator work?
To use HDB 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 time interval of the loan
The Calculator would instantly calculate the monthly instalments that are to be paid by the borrower after this.
Why should you use the Calculator tool by Dialabank?
To calculate the Gold Loan Equated Monthly instalments (EMIs), the Calculator can assist you in several ways:
- It redeems you from hours of tedious and fault-prone calculations.
- It incorporates the latest gold prices into the calculation.
- It allows you to look into 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 for your gold loan.
FAQs About HDB Gold Loan Calculator
✅ Who is eligible for a gold loan?
Any Indian who is aged between 18 and 70 years and 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 conveniently 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 present free of charge to you and assists you in zero in on gold loan offers that are most appropriate to your condition.
✅ How to use the HDB Gold Loan Calculator?
The easy-to-use HDB 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 for an unlimited number of times for your benefit.