What is the Bank of India Gold Loan Calculator for EMIs?
Dialabank brings to you an easy-to-use gold loan Bank of India Gold Loan Calculator for one who wants to borrow money from a bank or a non-banking financial company, utilising gold that they own as collateral. Since the gold prices are hiking, every applicant gets a very good value on their gold ornaments, as the price of the jewellery affects the amount of loan to be approved directly.
The online Bank of India Gold Loan Calculator featured on Dialabank’s website can further help you find out the amount of EMI that you would need to pay for the borrowed loan amount. By using the Bank of India Gold Loan Calculator, you can try different interest rates and tenure permutations and combinations that are 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 made available by the banks against collateral. The banks give borrowers this loan by keeping their gold jewellery and coins with them, which the bank returns to the borrower after the money has been paid back. 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 an individual applies for a gold loan from Dialabank, he or she gets the option of leveraging the easy-to-use gold loan Bank of India 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 a preferred choice for individuals for many reasons. Some of those reasons include:
- Gold loans provide a low interest rate as compared to other options available 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 quickly.
Benefits of Using Bank of India Gold Loan Calculator
The advantages of a Bank of India Gold Loan Calculator are as follows:
- As the gold prices are increasing, the Bank of India 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
- Our Bank of India 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 rate for calculations
Gold Loan Eligibility Criteria
To avail of a gold loan, you must complete 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 made available for all individuals irrespective of their employment. Salaried employees, self-employed individuals, and homemakers with no source of income can even avail of a gold loan.
- Gold as a Security: The gold 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. Therefore, ornaments such as gold bars and coins with 18-24 carats purity can be utilised.
- CIBIL Score Requirements: There is no CIBIL score needs 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 | |
| Employment Type | |
| Quality of Gold | |
| CIBIL Score | |
| 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. |
Bank of India 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.
- Bank of India Gold Loan Calculator help to calculate the EMI in advance.
Demerits:
- EMI payments can be a burden for some as instalments are needed to be paid every month.
What is Bullet Repayment Scheme
A bullet repayment is a lump sum payment that is made for the completion of an outstanding loan amount after 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 referred to as balloon loans. These kinds of loans are used in mortgage and business loans to reduce monthly payments during the tenure 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 the end of 12 months) | ₹ 3 Lakh | |
| Total Payment | ₹ 3.24 Lakh | ₹ 3.44 Lakh |
Why opt for a Bullet Repayment Scheme?
You should select 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 Gold Loan Bank of India Gold Loan Calculator work?
To use the Gold Loan Bank of India Gold Loan Calculator at Dialabank, you would need to give them a few key details:
- The interest rate proposed 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 Bank of India Gold Loan Calculator would instantly calculate the monthly instalments that are to be paid by the applicant. Bank of India Gold Loan Calculator is available for all.
Why should you use the Bank of India Gold Loan Calculator tool by Dialabank?
To calculate the Gold Loan Equated Monthly Installments (EMIs), the Bank of India Gold Loan 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 Bank of India Gold Loan Calculator
✅ Who is eligible for a gold loan?
Any Indian who is 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 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 gold loan Bank of India Gold Loan Calculator?
The easy-to-use gold loan Bank of India 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.
