What is the Indian Bank Gold Loan Calculator?
Dialabank provides to you an easy-to-use Indian Bank Gold Loan Calculator for an Individual 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 rising, every borrower gets an excellent value on their gold ornaments, as the value of the jewellery affects the amount of loan to be approved directly.
The Indian Bank Gold Loan Calculator featured on Dialabank’s website can further support you find out the amount of EMI that you would be needed to pay for the borrowed loan amount. By using the Indian Bank Gold Loan Calculator, one can try different interest rates and tenure permutations and a set of combinations offered by different banks to make sure you get the prime available option.
About Gold Loan
A gold loan is a secured loan, which is given by the banks against collateral. The banks give applicants this loan by keeping gold jewellery and coins with them, which the bank gives to the borrower after the money has been paid back. A loan that has been secured with gold ornaments is provided for short to medium-term duration. The loan is usually processed urgently within minutes, and it does not need any paperwork. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use Indian Bank Gold Loan Calculator so that he or she can calculate your monthly payouts in place of the loan.
Why is Gold Loan preferred?
To meet some quick financial needs, a gold loan is the required option of loans for an individual for numerous reasons. Some of those reasons include:
- Gold loans provide a low-interest rate as compared to other available choices, such as a personal loan.
- The tenure of a gold loan is very adjustable, and its term varies from a few days to 5 years.
- Many banks and NBFCs do not demand pre-payment charges on gold loans.
- To get this loan, minimal documentation is needed.
- The loan is also disbursed very quickly.
Benefits of Using Indian Bank Gold Loan Calculator
The benefits of an Indian Bank Gold Loan Calculator are as follows:
- As the gold prices are hiking, the Indian Bank Gold Loan Calculator assist you in finding the best price 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 makes sure that the calculations are quick and accurate
- The software is seen to use 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: Banks propose 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 individuals regardless of their employment. Salaried employees, self-employed individuals, and even homemakers with even no source of income can avail of a gold loan.
- Gold as a Security: The gold that is to be deposited with the bank 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 utilized.
- CIBIL Score Requirements: There is no CIBIL score required to get a gold loan. But, the last payment history regarding gold loans has to be evaluated to identify your efficiency of repayments.
- Documents Required: You must also include identity proof and address proof. No Income Proof is required 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
|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.|
Indian 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 helps him/her from the burden of payments altogether.
- The EMI options are suitable for long-term loans.
- The rate of interest is softer in EMI payments as compared to the Bullet Repayment Scheme.
- EMI payments can be a burden for some as instalments are asked to be deposited every month.
What is Bullet Repayment Scheme
A bullet repayment is a lump sum payment that is made for the fulfilment of an outstanding amount of loan 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 different types of loans are used in mortgage and business loans to deduct 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 the 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 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 Indian Bank Gold Loan Calculator work?
To use Indian Bank Gold Loan Calculator at Dialabank, you would require to provide them with a few key details:
- The interest rate offered by the banks that give a Gold Loan
- The loan amount of the subscribed/required Gold loan principal
- The intended term of the loan
After giving 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 simply calculate the Gold Loan Equated Monthly Installments (EMIs), the Calculator can support you in several ways:
- It helps you from hours of tedious and fault-prone calculations.
- It incorporates modern gold prices into the calculation.
- It also allows you to try out different options to find the Gold loan that is best 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 Indian Bank 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 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 Indian Bank Gold Loan Calculator?
The easy-to-use Indian 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 instalments 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 Indian Bank Gold Loan Calculator?
- 2 About Gold Loan
- 3 Why is Gold Loan preferred?
- 4 Benefits of Using Indian Bank Gold Loan Calculator
- 5 Gold Loan Eligibility Criteria
- 6 Gold Loan Eligibility Calculator
- 7 Indian 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 Indian Bank Gold Loan Calculator work?
- 15 Why should you use the Calculator tool by Dialabank?
- 16 FAQs About Indian Bank Gold Loan Calculator