What is the Yes Bank Gold Loan Calculator?

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

The online calculator that is featured on Dialabank’s website can further help you figure out the amount of EMI that you would need to pay for the loan amount that you borrowed. By using the Yes Bank Gold Loan Calculator you can try various combinations of different interest rates and tenure that are offered by different kinds of banks to make sure you get the best option available.

About Gold Loan

A gold loan is a secured loan that is provided by the banks against collateral. They provide the borrowers with this loan by keeping gold jewelry and coins with them until 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 does not require any paperwork. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use Yes Bank Gold Loan Calculator so that he or she can calculate the 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 all the other available options such as a personal loan.
  • The tenure of a gold loan is very flexible and its tenure ranges from a few days to 5 years.
  • Many banks and NBFCs do not ask for any pre-payment charges on gold loans.
  • You need only a minimal amount of documentation for it.
  • The loan is also disbursed very fast.

Benefits of Using Yes Bank Gold Loan Calculator 

The benefits of a Yes Bank Gold Loan Calculator are as follows:

  • As the gold prices are rapidly increasing, the Yes Bank 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 ensures that the calculations are done quickly and accurately.
  • The software uses 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 can extend up to Rs 2 crore.
  • Employment Requirements: Gold loans are available for every individual 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 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 is no CIBIL score required 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 have to 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.

Yes 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

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 made for the entirety of an outstanding loan amount after it matures. It can also be a single payment of principal on a bond. In terms of banking and real estate, such kinds of loans with bullet repayments are also known as balloon loans. These types of loans are usually used in mortgages 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 if you apply for a flexible repayment schedule where you can choose to pay the 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 Yes Bank Gold Loan Calculator work?

To use Yes Bank 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 duration of the loan

After submitting these three details, the Yes Bank Gold Loan Calculator would instantly calculate the monthly installments that are to be paid by the borrower.

Why should you use the Yes Bank Gold Loan 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 Yes 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 Yes Bank Gold Loan Calculator?

The easy-to-use Yes 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 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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