Calculate the amount you can borrow with a gold loan on Bajaj Markets
✓ No Limit on Loan Amounts ✓ Interest Rate Starting @0.74% p.m. ✓ Minimal Documentation
The gold loan calculator is a tool that allows you to check how the loan amount is affected basis the gold you wish to submit as collateral. It calculates the loan amount based on the gold’s current market value using a simple mechanism, helping you get the results within seconds. You can use these insights to compare and find the loan offer which best suits your requirements.
The gold loan calculator helps you check the amount you can borrow based on the weight and purity of your gold. Simply enter the gold’s weight in grams to check the loan amount. For this calculation, the purity of the metal is considered to be 22 karats. So, ensure to enter the information accordingly.
On the other hand, you can also check how much gold you need to submit as collateral to get the loan amount you need. Just enter the amount you wish to borrow in the calculator. Following this, the gold you must provide as collateral to get the loan will be displayed on the screen within seconds.
Here are some benefits of using a gold loan eligibility calculator that you should know about:
Precise Calculations: Based on the gold's weight and purity, the loan amount is estimated with a simple algorithm on which the calculator functions. This helps avoid any errors or miscalculations, which may happen during manual calculations.
Time-saving: Manual calculations take up a lot of your time and can be very tedious. The gold loan calculator can help you calculate the loan amount within seconds, helping you save time and effort.
Easy Comparison: You can enter multiple loan amounts to check the gold you need to pledge in each case. This can help you check and compare options to find a loan offer that best suits your needs.
User-friendly: This online calculator is simple to use, offering quick results with minimal inputs, and easily accessible to all
Transparency: It provides clarity on the loan amount you may qualify for, ensuring you have a clear understanding of your loan eligibility
The calculation results are based on the values you enter in the calculator. Your EMI amount (including the actual interest amount charged) will depend on the prevailing rates. The results are neither certified nor guaranteed. The repayment schedule presented is for illustration purposes. Confirm the values with your lender prior to applying for the gold loan.
FAQs On Gold Loan Calculator
What is the minimum and maximum tenure for a gold loan?
The tenure for a gold loan varies between a minimum of 7 days and a maximum of 60 months.
How is gold loan interest calculated?
The gold loan interest is calculated on the basis of the principal loan amount and the interest rate charged.
How much gold is required for a loan of ₹1 Lakh?
The amount of gold required for a loan of ₹1 Lakh depends on the current market price of gold and the lender's loan-to-value (LTV) ratio. For instance, to borrow a loan of ₹1 Lakh, you may need to provide approximately 17.82 grams of gold to the lender as collateral, as per current market rates.
What is the LTV available for a gold loan on a per gram basis?
As per RBI guidelines, you can borrow up to 75% of your gold’s appraised value. To understand this better, let’s assume that the value of 1 gram of the gold you mortgaged amounts to ₹8,000. In this case, the bank may allow you to borrow up to ₹6,000. So, to check the maximum loan amount you can get, use the following formula:
Loan amount = weight of gold (in grams) x gold price per gram x LTV ratio
How to calculate gold loan per gram rate for maximum borrowing?
To determine the gold loan per gram rate for maximum borrowing in India, start by checking the current market price of gold. Multiply this price by the weight of your gold in grams. Lenders usually provide loans up to 75% of this total value. For instance, if the gold price is ₹4,500 per gram and you possess 20 grams, your maximum loan would amount to ₹67,500 (which is 75% of ₹90,000).
