Jana Small Finance Bank Gold Loan Calculator

What is the Jana Small Finance Bank Gold Loan Calculator?

Jana Small Finance Bank Gold Loan Calculator is now available on the Dialabank website. It aims to provide to all its users an easier way of calculating the EMI’s that one might have to pay if one particular scheme is chosen and so on. This calculator is an automatic way of doing calculations only for gold loans. This works for both bankings as well as non-banking institutions. After calculating the estimated EMI it would help you in choosing what kind of bank/lender and scheme that you would want to avail yourself of a gold loan from. Despite the constant fluctuations in gold prices, this calculator would provide you with the most accurate and precise answer.

About Gold Loan

Gold loan is defined as when an individual avails by pledging the gold that they have. The amount that they get is based upon the value, the purity and the rate of gold in the current market. The gold that you pledge would be the surety that the individual would have to give to the lenders. These loans are known for it’s short tenures and super-fast processing and almost immediate amount disbursal. When one applies for the gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use. 

Why is Gold Loan preferred?

Gold loan is preferred because of:

1. the flexible repayment options
2. lowest rate of interest offered when compared to other kinds of loans
3. known for it’s speed
4. fast processing
5. instant disbursal of the amount into your account
6. the option of increasing the tenure in really desperate circumstances.

Benefits of Using Jana Small Finance Bank Gold Loan Calculator

The benefits of using the Jana Small Finance Bank Calculator, are:

1. It would give you the most precise and accurate results
2. The Jana Small Finance Bank Calculator would give you the current and the most exact values.
3. It has a very intuitive and popular customer interface.
4. The software used can also help to calculate the gold loan per gram prices.

Gold Loan Eligibility Criteria

The eligibility criteria for availing of a gold loan is:

• The age range of the applicants should be within 21 years to a maximum of 65 years.
• The range of loan amount availed is from Rs. 20 lakhs to a maximum of Rs. 2 crores.
• It is available to people of all income groups, like self-employed individuals, housewives with no source of income and salaried individuals.
• The purity of gold coins should range from 18-24 carats, whereas for gold jewellery it has to be between 22-24 carats.
• You do not need to have to worry about a CIBIL score to be eligible to avail of this loan.
• However, your previous transaction history with respect to any gold loans taken previously would be reviewed.
• Only identity proof and address proof documents would need to be submitted.

Gold Loan Eligibility Calculator

Jana Small Finance Bank Gold Loan Calculator

Gold Loan EMI Payments

Advantages:

• This helps in reducing financial baggage for the applicants, allowing them to plan their finances.
• The interest rates offered are very low compared to short-term loans as well.
• Works well with long-term loans.

Disadvantages:

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

What is Bullet Repayment Scheme

Bullet repayment schemes are schemes where a lump sum amount is paid for the entirety of the outstanding loan amount at the time of loan maturity. This could also be done as a single payment. A bullet repayment scheme is defined as the scheme wherein the lump sum payment is made for the entire outstanding loan amount after the maturity period. There can also be a single payment for the principal on a bond. In the banking and real estate industry, these types of loans or schemes are termed balloon loans. These loans are 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

Why opt for a Bullet Repayment Scheme?

Reasons, why one should opt for a Bullet Repayment Scheme, is:

1. It eases your financial worries.
2. Is more effective if you have a flexible repayment schedule, where you get to choose the loan tenure as well as the interest period.
3. Works best if you have chosen short loan tenures.

Why not opt for a Bullet Repayment Scheme?

Reasons that one should not choose a Bullet Repayment Scheme is:

1. Some banks give you a lower LTV and would charge higher interest rates.
2. You would be asked to pay higher interest amounts because it does not reduce the balance of the loan. The effective rate of interest is higher in the bullet repayment loan even if the quoted interest rates are the same as the EMI of the gold loan.

Compare Gold Loan Rate Per Gram and Lowest EMI of All banks

How does Dialabank’s Gold Loan Calculator work?

Dialabank’s Gold Loan Calculator is not so complex and is very consumer-friendly. It requires you to enter the following details:

1. The interest rates of the bank that you have chosen.
2. The loan amount for the principal value of the gold.
3. The tenure of the loan that you prefer,

After the submission of all the following details, the calculator would do calculations and provide you with an accurate estimation of the values that you had entered above. Based on this, you can make a decision.

Why should you use the Calculator tool by Dialabank?

Each and everyone applying for a gold loan should use the Calculator tool provided by Dialabank, because:

1. It saves time
2. Gives you accurate and precise answers.
3. Gives you alternate choices if you are not satisfied with the current outcome.
4. Helps in planning your finances, according to the interest amount that you would be having to pay.

FAQs About Jana Small Finance Bank Gold Loan Calculator

✅ Who is eligible for a gold loan?

Any Indian aged between 18 and 70 years and who owns gold jewellery and coins 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 Jana Small Finance Bank Gold Loan Calculator?

The easy-to-use Jana Small Finance Bank Gold Loan 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 unlimited times for your benefit.