What is a gold loan calculator?
A gold loan calculator is an online tool that helps you estimate the loan amount you can receive by pledging your gold. By entering key details, such as the weight and purity of the gold, the calculator uses prevailing gold rates to determine how much you can borrow. This tool is especially useful for understanding your eligibility before applying for a loan, helping you make informed financial decisions. It eliminates guesswork, offering transparency and clarity on the amount you can access based on the current gold price.
For example, if you are unsure how much your gold is worth for a loan, a gold loan calculator can provide an instant estimate, making the process quicker and more efficient. It also helps you explore different scenarios, such as varying loan amounts and repayment plans.
By using a gold loan calculator, you can better plan your finances and avoid surprises. For a more detailed breakdown and accurate calculations, you can access Bajaj Finserv Gold Loan Calculator. This ensures that you are getting the most out of your gold jewellery while ensuring a smooth borrowing experience.
How to use a Gold Loan Calculator?
Using a gold loan calculator is a straightforward process that helps you estimate the loan amount you can obtain against your gold. Here’s how you can use it:
- Enter gold weight: Start by entering the weight of your gold in grams.
- Input gold purity: Specify the purity of the gold, usually in karats.
- Provide current market price: Enter the current market price of gold per gram.
- Loan calculation: The calculator will compute the maximum loan amount based on the provided details.
- Additional inputs: Some calculators allow you to input the gold loan rates of interest and loan tenure for estimating the repayment schedule and plan your finances with greater clarity.
This tool assists in making informed decisions about your gold loan by offering a clear estimate of your loan potential and repayment obligations.
Benefits of availing a gold loan
When you opt for a gold loan, you can avail a range of advantages:
- Quick access to funds: You'll appreciate the swift approval process of gold loans, ensuring you get the funds you need without delay.
- Lower interest rates: Enjoy the benefit of lower interest rates compared to other loan types, saving you money in the long run.
- Flexible repayment terms: Tailor your repayment schedule to fit your financial situation, giving you peace of mind as you repay the loan at your own pace.
- Higher loan amounts: With your gold assets as security, you can access higher loan amounts without the pressure of needing a high credit score.
- Accessibility: Even if you have a lower credit rating, you can still access a gold loan, making it a viable option for various financial situations.
- Preservation of ownership: Throughout the loan period, you retain ownership of your gold assets, ensuring their security and your financial stability.
Opting for a gold loan grants you quick access to funds, competitive interest rates, flexible repayment terms, accessibility, and the preservation of your valuable gold jewellery. Additionally, utilising a gold loan calculator can help you accurately assess loan amounts and repayment schedules, ensuring you make informed financial decisions tailored to your needs. This combination of benefits makes a gold loan a wise choice for fulfilling your financial requirements.
Advantages of using a gold loan calculator
Utilising a gold loan calculator offers numerous advantages:
- Loan estimate: Quickly obtain an estimate of the loan amount you can secure based on your gold's weight and purity.
- Financial planning: Plan your finances more effectively by understanding your potential loan amount, aiding in better budgeting.
- Interest rates and instalments: Calculate monthly instalments and interest rates, facilitating clearer financial management.
- Time-saving: Avoid manual calculations and save time with the calculator's swift and accurate results.
- Comparison: Easily compare various loan options to identify the most suitable one for your needs.
In summary, a gold loan calculator simplifies the loan application process, enhances financial decision-making, and empowers borrowers to plan their financial journey more effectively.
Gold loan eligibility criteria
Before applying for a gold loan, it is essential to check whether you meet the eligibility criteria. At Bajaj Finance, the process is simple and straightforward. You just need gold loan basic KYC documents and fulfil these simple requirements to proceed with your gold loan application:
- Age: You should be between 21 to 70 years old.
- Gold quality: Your gold jewellery should be 18-22 karats.
- carat$$% karats.
- Citizenship: You must be an Indian citizen to avail of a gold loan.
That is all! Since the loan is secured against your gold jewellery, you do not need a high credit score. This makes it accessible to a wider audience who need funds quickly. You can use a gold loan calculator to estimate your gold loan amount per gram or check the gold loan gram rate based on current market rates. With tools like the interest calculator for gold loan, you can plan your repayment easily.
How does a gold loan calculator work?
Navigating the Gold Loan Calculator is a breeze, ensuring a seamless user experience. Simply follow these steps:
1.Input essential details into the gold loan calculator interface, including:
- Gold weight/loan amount: Enter the gold weight in grams or the desired loan amount.
- Repayment option: Select a repayment frequency aligning with your financial preferences.
2. Upon entering the necessary information, the gold loan calculator swiftly processes the data, presenting you with the loan amount you can avail alongside the total interest payable.
The calculator furnishes comprehensive insights, displaying the loan amount, gold weight, and interest payable. Should you desire to explore alternative loan structures, the tool allows you to modify parameters, enabling you to gauge their impact on total interest. This adaptability empowers you to identify the most suitable loan arrangement, aligning with your financial aspirations.
Plan your monthly instalments better using our loan EMI calculator. An EMI calculator is an essential tool for efficiently planning your loan repayments. It helps you understand your monthly instalments, ensuring better financial management and informed borrowing decisions.
How to calculate gold loan per gram rate for maximum borrowing
Calculating the gold loan per gram rate is essential to determine the maximum amount you can borrow. The gold loan per gram rate today depends on the current market price of gold and the lender’s policies. To calculate the gold loan amount per gram, you need to know the purity of your gold and the prevailing gold loan rate per gram today.
First, check the gold loan price per gram, which varies daily. Next, use an EMI calculator for gold loan to estimate your monthly payments. This tool helps you understand the gold loan per gram amount you can afford based on your repayment capacity.
For example, if the gold loan rate per gram today is Rs. 4,500 and you have 20 grams of 22 karat gold, the gold loan per gram rate would be calculated as follows:
Loan amount = weight of gold (in grams) × gold price per gram × loan-to-value (LTV) ratio
Calculating a gold loan amount based on the per gram rate is straightforward. For instance, if you have 15 grams of 22-carat gold and the per gram rate is INR 3,800, the total market value of the gold would be INR 57,000. Typically, lenders offer around 75% of this value, so you could borrow up to INR 42,750 against the gold jewellery. This calculation helps in determining how much you may be eligible to borrow, based on the gold’s current market rate.
Using this formula, you can determine the maximum gold loan amount per gram you can borrow. Always check the latest rates and use a gold loan EMI calculator to plan your finances effectively.
How today’s gold rate per gram affects your loan amount
The gold loan per gram rate today plays a crucial role in determining the amount you can borrow. The gold loan rate per gram today is influenced by the current market price of gold. When the gold loan price per gram is high, you can get a higher gold loan amount per gram, making it beneficial for borrowers.
To calculate the gold loan per gram amount, you need to know the purity of your gold and the prevailing gold loan per gram rate. For instance, if the gold loan rate per gram today is Rs. 4,500 and you have 20 grams of 22 karat gold, you can use this rate to determine your loan amount.
Using a gold loan calculator helps you plan your repayments by estimating your monthly payments based on the gold loan per gram rate. This tool is essential for managing your finances effectively and ensuring you can comfortably repay your loan.
Always check the latest gold loan per gram rate today to get the best deal and maximise your borrowing potential. This way, you can make informed decisions and optimise your loan amount.
Disclaimer
The calculator’s results are indicative in nature and are subject to change after the physical valuation of gold. The interest rate applicable on a loan amount will be dependent on the rates prevailing at the time of loan sanction.
The calculator does not intend to provide its users/ customers with outputs certified by Bajaj Finance Limited (“BFL”) or are a warranty, obligation, commitment or undertaking, professional and financial advice by BFL, under any circumstances. The calculator is only a tool to help users/ customers get results of different illustrative scenarios generated from data input by a user/ customer, and its use is completely at the user/ customer’s risk. BFL is not responsible for any errors in any results from the usage of the calculator.
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
The gold loan eligibility criteria are straightforward. Any Indian citizen between the age of 21 years to 70 years in possession of 18-22-karat gold jewellery can apply for this loan. Borrowers are not required to maintain a high credit score or an impressive credit history. However, lenders may focus on repayment capacity and documentation before approving the loan.
A gold loan calculator is an online tool that allows prospective borrowers to get a better understanding of their liabilities. Online calculators have different fields, where individuals need to enter information such as net weight of the gold articles, and loan amount to determine the monthly instalments payable.
Online gold loan calculators also offer better insight into a particular loan offer through an amortisation schedule. This schedule provides a detailed break-up of the interest payable throughout the tenure.
Note: Gold loan calculators are free to use.
The benefits of a gold loan calculator include:
- Faster calculation: It delivers swift results. On entering the required values, it will provide details about the loan components instantly.
- Accurate results: Loan details can be computed manually. However, manual calculations are time-consuming and leave room for errors. With this online gold loan calculator, such issues can be easily avoided. Users get accurate results every time, with any value entered.
- Easy to use: It is easy to use and navigate an online gold loan calculator. It has specific fields for entering different loan details including interest rate, the weight of gold jewellery, payment method, and tenure. It then displays the results.
- Financial planning: This calculator also helps with financial planning. Since it provides details about repayments and interest payments beforehand, users can plan better.
Apart from these, the customisation facility offered by this calculator helps to find the perfect gold loan offer without any hassle.
You must pledge your gold jewellery with a lender, such as a bank or NBFC, in order to apply for a gold loan. Gold loan per gram refers to the amount given as a loan for every gram of gold that is pledged. This amount usually differs from lender to lender.
The gold loan per gram rate changes daily as per market value of one gram gold. This is referred to as LTV or loan-to-value ratio. For example, if the LTV is 70% and the value of the pledged gold is worth Rs. 1 lakh, a borrower will get a loan of Rs. 70,000. Bajaj Finserv offers LTV ratio of up to 75% on gold loans. Since the gold loan per gram rate today will vary based on market fluctuations, the rate of per gram of gold changes daily.
The loan amount you can get for 1 gram of gold varies depending on factors like purity, market value, and lender policies. You can use a gold loan calculator to determine the precise loan amount you qualify for based on your gold's details.
Gold loan rates are typically calculated based on the Loan-to-Value (LTV) ratio, which determines the percentage of the gold's value that can be borrowed. Factors like gold purity and market rates influence this. Lenders offer tools like gold loan calculators for precise rate estimations.
The repayment schedule of a jewel loan is influenced by factors such as the loan amount, interest rate, and repayment tenure. Additionally, fluctuations in gold prices and prevailing market conditions can impact the loan-to-value ratio, affecting the EMI amount.
The maximum loan amount per gram of gold depends on the gold loan rate per gram today and the purity of your gold. Typically, lenders offer up to 75% of the gold’s value.
Yes, the gold rate per gram can influence the loan interest rate, as higher gold prices may lead to lower interest rates due to increased collateral value.
The gold loan calculation formula is as follows:
Loan amount = Weight of gold (in grams) × Gold price per gram × Loan-to-Value (LTV) ratio.
This formula helps determine the loan amount you can secure based on the weight of your gold, the prevailing market price per gram, and the LTV ratio set by the lender. To avoid manual errors, you can simply use our online gold loan calculator.
