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 an excellent value on their gold ornaments, as the value of the jewellery 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 other 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 jewellery 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, they get the option of leveraging the easy-to-use SBI Gold Loan Calculator so that they can calculate your monthly payouts instead of the loan.
Why is Gold Loan preferred?
To meet some immediate financial requirements, a gold loan is a preferred choice 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 term 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 increase, 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 jewellery.
- 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 fulfil 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 housewives 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
|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.|
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 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 (₹)|
|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 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 instalments 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 for your gold loan.
FAQs About SBI Gold Loan Calculator
✅ Who is eligible for a gold loan?
Any Indian 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 term 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 quickly 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 instalments for a specific loan. This facility is provided to you free of charge and for an unlimited number of times for your benefit.