Central Bank of India Gold Loan Calculator

What is the Central Bank of India Gold Loan Calculator?

Dialabank’s website provides you with a Central Bank of India Gold Loan Calculator that you can easily use to applicant money from any bank or a non-banking financial company after submitting the gold in their possession as collateral. The increase in the gold prices will allow every applicant gets an excellent value on their gold ornaments as the value of the jewellery usually affects the amount of loan which has to be approved.

The Central Bank of India Gold Loan Calculator will find out the amount of EMI that you will have to pay for the loan amount you borrowed. You can try various combinations of various interest rates and tenures that are offered by all banks to make sure that you get the best option that is available.

About Gold Loan

A gold loan is a secured loan that is provided by the banks against collateral and which provides the borrowers with the necessary loan by keeping the gold jewellery and coins with them until the borrower repays the money. A gold loan is offered for short to medium-term duration. The process usually takes only a few minutes, and it does not need any paperwork because you provide the bank with collateral. When you apply for the gold loan, you will be able to leverage the Calculator for a gold loan so that he or she can calculate the monthly payouts instead of the loan.

Why is Gold Loan preferred?

A gold loan is the preferred choice of loans for individuals to meet some immediate financial requirements for many reasons. Some of those reasons include:

• Gold loans provide a low rate of interest as compared to all the distinct available options, such as a personal loan.
• The tenure of a gold loan is very flexible, ranging from a few days to 5 years.
• Many banks and NBFCs don’t ask for any pre-payment charges on gold loans.
• You need only a few documents for it.
• The loan is also disbursed very fast.

Benefits of Using Central Bank of India Gold Loan Calculator 

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

• As the gold prices are increasing, the Central Bank of India Gold Loan Calculator helps you find the best value for your gold because this sanctioned loan value depends on the value of the jewellery.
• Our Gold Loan Calculator has a user 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 fulfil the following eligibility criteria:

• Minimum Age: 21 years.
• Maximum Age limit: 65 years.
• Loan Amount: Banks offer a gold loan of up to Rs 20 lakhs, and the amount can extend up to Rs 2 crore.
• Employment Requirements: Gold loans are available for every people irrespective of their job. Every salaried employee, self-employed individual, and even homemaker will be able to pay for the loan.
• Gold as a Security: The gold that can be deposited in 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 needed to get a gold loan, although previous payment history regarding gold loans has to be evaluated to check your efficiency of repayments.
• Documents Required: You should include identity proof and address proof. No Income Proof is required to get a gold loan in our country.

Gold Loan Eligibility Calculator

Central Bank of India Gold Loan Calculator

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 instalments are required to be paid every month.

What is Bullet Repayment Scheme 

A bullet repayment is a lump sum payment made for the whole of an outstanding loan amount after maturing. It can also be a single payment of principal on a bond. These kinds of loans with bullet repayments are also called balloon loans. These types of loans are generally used in mortgages 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?

You should select for Bullet Repayment Scheme for the following reasons:

• It saves you from the headache 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 instalment at the end of the loan tenure. Some of the banks also propose 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 a very low LTV and charge a higher interest rate on bullet repayment loans.
• You end up paying higher interest on your bullet repayment loan as it is not a deducting balance loan. The effective rate of interest is higher in a bullet repayment loan even when the quoted interest rate is identical to that of the EMI Gold Loan.

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

How does Dialabank’s Central Bank of India Gold Loan Calculator work?

To use the Central Bank of India Gold Loan Calculator at Dialabank, you would need to provide them with a few important details:

• The interest rate that is proposed by the banks providing you with a Gold Loan
• The loan amount of the subscribed or needed Gold loan principal
• The duration of the loan

The Calculator would instantly calculate the monthly instalments that are to be paid back by the borrower after this.

Why should you use the 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 a different selection 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 Central 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 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 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 Central Bank of India Gold Loan Calculator?

The easy-to-use Central 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.