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 SBI Gold Loan Calculator?

    Dialabank brings to you a very easy-to-use SBI Gold Loan Calculator for anybody who wishes to borrow money from a bank or a non-banking financial company, using gold that they own as collateral. Since the gold prices are increasing, every applicant gets a very good value on their gold ornaments, as the value of the jewelry affects the amount of loan to be approved directly.

    The online calculator on the website of Dialabank will help you find out the amount of EMI that you would need to pay for the borrowed loan amount. By using the EMI calculator you can try different permutations and combinations of interest rates and tenure offered by different banks to make sure you get the best available option.

    About Gold Loan

    A gold loan is a secured loan, which is provided by the banks against collateral. The banks will 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 processed 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 SBI Gold Loan Calculator so that he or she can calculate your monthly payouts instead of the loan.

    Why is Gold Loan preferred?

    To meet some immediate 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 charges on gold loans.
    • To get this loan, minimal documentation is required.
    • The loan is also disbursed very fast.

    Benefits of Using SBI Gold Loan Calculator 

    The benefits of an SBI gold loan calculator are as follows:

    • As the gold prices are increasing, the  SBI 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.
    • Ou Gold Loan calculator has an intuitive interface that ensures 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 fulfill the following eligibility criteria:

    • Minimum Age: 21 years.
    • Maximum Age limit: 65 years.
    • Loan Amount: Every bank offers 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 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 being 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 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
    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 suitable for long-term loans.
    • The rate of interest is lower in EMI payments as compared to the Bullet Repayment Scheme.

    Demerits:

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

    What is Bullet Repayment Scheme 

    A bullet repayment is a lump sum payment that is made to pay the whole of the outstanding loan amount, after its 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 called balloon loans. These types of loans are often 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 opt for Bullet Repayment Scheme for the following reasons:

    • It saves you from the burden of repaying the principal every month
    • It is suitable for short tenure gold loans of less than 6 months
    • It helps apply for a flexible repayment schedule where you can choose to pay interest on the loan as monthly EMIs and the principal payment in one installment at the end of the loan tenure. 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 lower 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 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 SBI Gold Loan Calculator work?

    To use SBI Gold Loan Calculator at Dialabank, you would need 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 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 SBI 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 SBI Gold Loan Calculator?

    The easy-to-use SBI 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.

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