Ornament Type

Net Weight

Gm

Caratage

LTV

%
|
40
|
50
|
60
|
70
|
75

Loan Amount

|
0
|
10 Lacs
|
20 Lacs
|
30 Lacs
|
40 Lacs
|
50 Lacs

Interest Rate

%
|
8
|
10
|
12
|
14
|
16
|
18
|
20
|
22
|
24

Tenure

Mo
|
6
|
9
|
12
|
15
|
18
|
21
|
24

Loan EMI

Total Interest

Total Amount Payable

Amortization Chart

Amortization Schedule

Year
Principal (A)
Interest Paid (B)
Total Amount (A+B)
Balance

Top 10 Banks with best interest rates :

(* Onwards)

Sr no.Bank NameROIAmount RangeForeclosure Charges
1Axis Bank17% OnwardsUp to 25 Lacs1% of outstanding loan amount
2HDFC9.3% OnwardsRs. 10,000 OnwardsNil
3Canara Bank9.% OnwardsUp to 35 LacsNil
4Muthoot Finance11% OnwardsRs 1500 Onwards1% of outstanding loan amount
5SBI9.7% OnwardsUp to 50 LacsNil
6Kotak Mahindra Bank10.56% OnwardsUp to 1.5 Crores1% of outstanding loan amount
7Central Bank of India9.35% OnwardsRs. 1000 OnwardsNil
8Manappuram Gold Loan9.90% OnwardsRs. 10,000 Onwards1% of outstanding loan amount
9PNB9.05% OnwardsUp to 25 LacsNil
10Bank of Baroda8.90% OnwardsUpto 50 LacsNil

(*Rate of Interest depends on your Credit Score*)

Gold Loan EMI Calculator:

A Gold Loan EMI Calculator is an online tool that helps you estimate the monthly instalment payments (EMIs) for a loan taken against your gold. By entering details like loan amount, interest rate, and loan tenure, the calculator provides a breakdown of how much you would need to pay each month to repay the loan.

Advantages of a Gold Loan EMI Calculator:

Using a Gold Loan EMI Calculator offers several key advantages for businesses:

  • Accurate EMI Prediction: It provides a precise calculation of your monthly repayment, allowing the individual to understand the financial commitment involved.
  • Easy to Use: With a user-friendly interface, the calculator requires only basic information, such as the loan amount, interest rate, and tenure, making it accessible to everyone.
  • Financial Planning: By knowing the exact EMI, borrower can better manage their cash flow, budget effectively, and avoid overburdening their financial resources.
  • Flexible Adjustment: You can modify key parameters like loan amount, tenure, and interest rate to compare different repayment scenarios, helping you choose the most affordable loan terms.
  • Saves Time: It eliminates the need for manual calculations and provides an instant result, making the loan planning process faster and more efficient.

Benefits of Gold Loan:

Gold loans come with several benefits, making them a popular choice for individuals who need quick financial assistance:

  1. Easy Access to Funds: Gold loans are secured loans, meaning you can easily get approved without complex paperwork. Your gold acts as collateral, ensuring faster loan disbursal.
  2. Low-Interest Rates: Compared to unsecured loans, gold loans generally offer lower interest rates due to the reduced risk for lenders.
  3. No Credit Score Requirements: Unlike other loans, a good credit score is not mandatory for obtaining a gold loan, making it an ideal option for those with poor credit history.
  4. Flexible Loan Amount: You can borrow an amount based on the value of your gold, allowing you to meet urgent financial needs.

Quick Processing: The application process is simple and fast, with many lenders offering instant loan approval and immediate disbursement.

Eligibility Criteria for Gold Loan:

While gold loans are accessible to many, certain eligibility criteria must be met for approval:

  1. Age: Applicants should generally be between 18 and 70 years old.

  2. Gold Ownership: You must own the gold that you wish to pledge as collateral.

  3. Income Source: While no formal income proof may be required, demonstrating a source of income may increase your chances of approval.

Gold Purity: The purity of your gold, which is typically measured in karats, plays a role in determining the loan amount you can receive. The gold must meet the lender’s purity requirements.

FAQs

How does a gold loan calculator work?

The Gold Loan EMI Calculator works by allowing you to enter details such as the loan amount, interest rate, and loan tenure. It then uses a mathematical formula to calculate your monthly EMI. This helps you understand how much you will need to pay every month and aids in planning your repayment schedule.

The valuation of your gold is determined by the current market price of gold and the purity of your gold. Lenders will assess your gold’s weight and quality before offering a loan amount. Higher purity and weight usually result in a higher loan amount.

The amount of gold required for a loan depends on the loan-to-value ratio (LTV) set by the lender. Typically, lenders offer 60% to 90% of the gold’s market value as a loan. The more gold you have, the higher the loan amount you can avail. However, the amount is also influenced by factors such as the purity and weight of the gold.

The loan tenure for a gold loan can vary from as short as 6 months to as long as 36 months or more, depending on the lender’s policies.

  • Minimum Tenure: Typically, 6 months.
  • Maximum Tenure: Can extend up to 36 months or more, depending on the loan amount and lender conditions.

Choosing the right tenure depends on your repayment capacity, with shorter tenures having higher EMIs but lower total interest costs.

The Gold Loan EMI Calculator cannot directly provide an exact loan amount as it primarily focuses on calculating the EMI. However, by inputting your gold’s estimated value, interest rates, and tenure, the calculator can give you an approximate EMI amount. To know the exact loan amount, you will need to visit a lender, who will assess your gold’s value and determine the loan offer accordingly.

Using a Gold loan EMI calculator before applying is essential because it helps you understand the monthly financial commitment involved. It allows you to assess multiple factors whether the loan is affordable based on your salary, expenses and lets you explore various loan scenarios (loan amount, tenure, interest rates) to find the best fit. By using our calculator, you can make well-informed decisions, avoid surprises, and effectively plan your finances.