Gold Loan Interest Rates 2020167 views
- Want to know the maximum Gold Loan amount that you can get?
- Know everything about the Gold Loan Eligibility Calculator and what are the details you will need to use in this tool!
Gold Loan is one of the most suitable options among individuals who need funds immediately. To get a gold loan, an individual just has to submit gold to the bank as the security or collateral against which the loan amount will be decided. Due to the secured nature of the loan facility, interest rates are also quite low and hence, the repayment amount is also low. But there is one question that a lot of individuals ask before applying for the gold loan – what is the maximum loan amount that they can get?
So to answer their question, we would like to tell you about the Gold Loan Eligibility Calculator with which an applicant can know the maximum gold loan amount he or she can get. Gold Loan Eligibility Calculator is an amazing online tool with which an individual can easily have an early estimate of the maximum loan amount according to the overall gold he or she wants to pledge. We are providing all the details about this tool so that you can know the importance of it and calculate the maximum loan amount by yourself. Keep reading to know more!
Table of Contents
- 1 How to Use the Gold Loan Eligibility Calculator?
- 2 What is the Procedure to Calculate your Gold Loan Eligibility?
- 3 Factors Affecting Gold Loan Eligibility
- 4 Gold Loan Eligibility of Top Gold Loan Lenders
How to Use the Gold Loan Eligibility Calculator?
First of all, your gold loan amount mainly depends on the overall weight of the yellow metal. Lenders who provide a gold loan give a maximum of 90% of the overall gold value as the loan amount. So, the first thing that you need to enter in the Gold Loan Eligibility Calculator is the weight of your gold against which you want a loan. The higher the weight of your gold will be, the higher will be the loan amount. You also need to remember that this weight will only include the weight of your gold and not the weight of your diamond, gems, beads, etc.
Apart from the weight, you will need the carat of your gold. This will define the purity of your gold. Other than this, you will also need to enter which type of gold ornament you have. It can be a chain, necklace, ring, gold coin, or any other thing.
What is the Procedure to Calculate your Gold Loan Eligibility?
Now that you know all the details needed to enter in the Gold Loan Eligibility Calculator, you would want to know the procedure by which you can know the eligible gold loan amount. We are mentioning the steps that you need to follow to know the maximum loan amount below. Take a look!
- Choose the type of ornaments against which you want to take the loan amount. It can be a necklace, chain, ring, etc.
- Put the total number of ornaments. Like if you have only 1 ornament, put 1 in place of it.
- After this, you will need to feed the weight and purity of your gold ornaments. The purity can range from 18 carats to 24 carats.
- After putting all these details into the Gold Loan eligibility calculator and pressing the calculate button, you will get the total value of your gold ornaments and the maximum eligible loan amount.
Let’s understand this through an example. Suppose you want to take a gold loan against your solid bangles weighing 30 grams and a necklace weighing 20 grams. The purity of these ornaments is 24 and 22 carats respectively. You can look at the calculations in the table shown below.
|Ornament Type||Weight (in gms)||Purity||Total Value||Eligible Loan Amount|
|Solid Bangles||30||24 carats||INR 99,000||INR 74,250|
|Necklace||20||22 carats||INR 60,500||INR 45,375|
So, after checking the above table, you can see that the overall value of your gold according to the market value is INR 1,59,500 and the maximum eligible loan amount will be INR 1,19,625. The total value changes according to the market value of gold. So it is likely that on today’s date, the market value would be different. You also need to remember that this is an approximate value and not a final loan amount that you would get. So, keep this in mind.
Factors Affecting Gold Loan Eligibility
There is this last thing about the Gold Loan eligibility that you need to know about this – what are the factors that can affect your eligibility regarding the gold loan you are seeking. You can choose a suitable gold loan for you when you have a better understanding of these factors. We are providing details about all of these factors so that you can know more about them. Keep reading!
Weight of your Overall Gold Jewellery
This is the first and most important factor that you need to know about your gold loan eligibility. As we told you that you can get the gold loan against the gold ornaments submitted by you. Any lender who provides a gold loan decides the gold loan amount according to the overall weight of your gold.
The overall weight must be higher if you want a higher loan amount. The maximum loan amount can be 90% of the overall gold value. And this gold value is directly dependent on the weight of your gold. So, you can see the correlation between these two things and how the weight of your overall gold can play a crucial role in determining the maximum loan amount.
One more important thing that you need to remember is that while calculating the overall weight of your gold ornaments, the weight of other things such as stones, gems, diamonds, etc. shall not be included. Only, the gold part of your ornaments will be calculated.
The purity of your Gold
Lenders always check the purity of the gold against which you want to take the loan amount. As you know that you can get the gold loan against your gold ornaments and gold coins specially minted by the banks. The purity of your gold is determined in the carats. Higher the purity of your gold will be, higher can be the loan amount.
The eligible loan amount depends on the current market value of the gold and this market value changes each day. Before lenders sanction your loan, they evaluate the gold ornaments submitted by you which include checking the purity of it. Lenders decide the gold loan amount based on this evaluation.
While choosing the gold loan lender for you, you must check the eligibility conditions regarding the purity of the gold. Like, some lenders do not give a gold loan if the purity of your gold loan is below 18 carats. This criteria changes from one lender to another.
So, these are the factors that you must keep in mind before checking your gold loan eligibility.
Gold Loan Eligibility of Top Gold Loan Lenders
Hope you have understood the process of gold loan eligibility calculation. Now, you must be curious to know specific conditions put by the lender from which you want to take the loan as we told before that these criteria tend to change from one lender to another. So, we will be telling you about the gold loan eligibility of top lenders in the country offering gold loans. It’s important to know them as it will surely help you choose the lender that meets your requirements the best way. Keep reading to know more about it!
Axis Bank Gold Loan Eligibility
Axis Bank is one of the renowned private banks of India that provide gold loans to the customers at an attractive rate of interest. With the Axis Bank Gold Loan calculator, you can estimate your eligible loan amount. However, the maximum loan amount is fixed at INR 20 lakh but it depends on the overall weight of your gold. To know the maximum loan amount, you will need to feed some basic details into this magical tool. These details are required tenure, the number of ornaments, or gold coins against which you want the loan amount, the weight of your gold ornaments or gold coins, and purity (in carats).
As soon as you feed all these details into the calculator, you will get the maximum loan amount for which you are eligible for the Axis Bank Gold Loan. Apart from this, there are a few conditions that you also need to fulfill to get the loan amount. We have mentioned it below. Have a look!
- The applicant must be between 18 to 75 years.
- The loan can be availed by anyone from salaried employees to self-employed individuals to pensioners to housewives.
- The applicant must have a stable source of income to have a smooth repayment.
- Also, the purity of your gold must be above 18 carats and you can also get the loan against gold coins but it is limited to 50g per customer.
State Bank of India (SBI) Gold Loan Eligibility
There is no doubt about this fact that the State Bank of India (SBI) is the biggest lender of our country that provides one of the most popular gold loan schemes to the individuals. If you want to know about the maximum loan amount that you can get from SBI, use the SBI Gold Loan Eligibility Calculator to do so. You will need a few details that are mentioned below. Do check them!
- Number of Gold Ornaments
- Type of Ornaments – Necklace/ Solid Bangles/ Chain/ Ring/ Gold Coins/ Others
- Net Weight of Ornaments (in gms)
- Caratage of Ornament
As soon as you feed all these details into this magical tool, you will get the maximum loan amount instantly. You can use the calculator as many times as you want with different values. Apart from this, you also need to know the eligibility criteria set by SBI to get a Gold Loan. These are mentioned below.
- Your age must be above 18 years to get a gold loan from SBI.
- The loan can be taken by any individual as a single applicant or with any other co-applicant.
- The applicant must have the receipt of the gold against which he or she wants the loan amount.
You must keep these conditions in your mind to save your application from being rejected.
Muthoot Finance Gold Loan Eligibility
The gold loan amount that you can get from Muthoot Finance depends on the overall value of the gold ornaments. The higher your gold value will be, the higher will be the loan amount. Muthoot Finance provides several gold loan schemes from which you can choose the one according to your requirement. The maximum loan amount and repayment tenure will change from one Muthoot Finance Gold Loan scheme to another.
But you must remember this fact that there are a few conditions that you need to meet before applying for the Muthoot gold loan. You can know all of them below.
- The candidate must be an Indian Citizen.
- The age of the applicant must be above 18 years.
- The purity of the gold must be above 18 carats.
- The bank seeks a regular and stable source of income before approving the gold loan amount.
ICICI Gold Loan Eligibility
If you are looking to get the loan amount from ICICI Bank by pledging your gold ornaments as the collateral, but confused about the maximum loan amount then you must know about the ICICI Gold Loan calculator. With this efficient tool, you can have an early estimate of the maximum loan amount that you can get against your ornaments. We are telling you about the steps that you need to follow to know the maximum loan amount instantly.
- Firstly, you will need to choose the tenure which can be either 6 or 12 months.
- After this, you will need to choose the number of gold ornaments against which you want the gold loan. This number can go up to 6.
- Now, you will need to fill the carat of your gold ornament/s and the weight of it. The carat of your gold ornaments can be 18,19,20,21,22, and 24.
- After putting these details into the calculator, it will give you the maximum loan amount you can get against your gold ornament/s.
Apart from this, you will also see two buttons – ‘Apply Now’ and ‘Find a Branch’ below the loan amount so that you can go to the application process directly from there. To get the ICICI Bank Gold Loan, there are a few conditions that you need to fulfill. We are providing all these details below. Have a look!
- The minimum age is fixed at 18 years to apply for the loan.
- The purity of your jewellery must be above 18 karats of gold to get the maximum loan amount.
- You don’t need to submit any income proof to get a gold loan from ICICI Bank, but you should have a stable flow of income to ensure a smooth repayment.
- The applicant must submit the receipt of gold.
Manappuram Gold Loan Eligibility
Manappuram Finance Ltd. is one of the leading Non-banking financial institutions that provide a seamless gold loan facility. Are you looking to get the gold loan from this NBFC but confused about the maximum loan amount that you can get? Well, you can use the Manappuram Gold Loan eligibility calculator to know your loan amount. You just need to fill in a basic few details that are your Name, Mobile Number, Email ID, State, Current City, Gold Type, Weight of your gold (in gms), and required loan amount. The gold type can be a solid, chain, or with stones.
As soon as you feed all these details into the calculator, you will get the maximum loan amount instantly. Apart from this, you also know about the eligibility criteria set by Manappuram Finance. We are providing them below.
- Anybody who is not a minor and possesses gold ornaments could be eligible for Manappuram Gold Loan.
- The carat range of your gold jewelry must be between 18 to 24 carat. The lender will check the purity of your gold after which your loan amount will be decided. Anything below this fixed carat, the application may be rejected.
Kotak Mahindra Bank Gold Loan Eligibility
Deciding to opt for a Kotak Mahindra Gold Loan to overcome the financial stress that you are currently facing but confused about the maximum loan amount that you can get? Well, you don’t need to worry about it as you can easily calculate the maximum fund that you can get against your gold ornaments with the help of Kotak Mahindra Gold Loan Eligibility Calculator.
You will need to fill in a few details such as the net weight of your gold and carats of your gold. Based on these details, the tool will give you the loan amount instantly. After knowing this, you can easily choose if this loan would be a suitable option for you.
There are a few conditions that you must know to be eligible for the Kotak Mahindra Gold Loan eligibility. All of them are mentioned below. Do check them!
- The applicant must be an Indian Citizen and be between 18 years and 75 years of age.
- Gold ornaments and bank-minted gold coins must have a purity of 18 to 22 karats and 24 karats respectively.
- The applicant will not need to have a guarantor to apply for this loan.
HDFC Bank Gold Loan Eligibility
Looking to opt for a gold loan from the number one private sector bank of India but having thoughts about the maximum loan amount that you can get? Don’t worry, as with the HDFC Gold Loan eligibility calculator, you can know the maximum loan amount by feeding a few basic details. This tool is an amazing method to have an early estimate about it. This may not be the final loan amount, but it will give you an idea about it. There are a few steps that you need to follow to use the Gold Loan eligibility calculator. Have a glance at them below.
- Choose the repayment tenure from 6, 12, 24, 36, or 48 months according to your repayment capacity.
- Put the number of ornaments against which you can get the loan amount. You can opt for the loan against a maximum of 10 ornaments.
- Now, put the carat and weight of your gold ornaments.
As soon as you feed all these details into this amazing tool, you will get the maximum loan amount estimation and then you can decide easily, if an HDFC Gold Loan could be the best option for you.
You must look at the HDFC Gold Loan eligibility criteria mentioned below.
- The minimum age of the applicant must be 18 years.
- Anybody can apply for this loan whether they are Salaried Employees, Self-employed Businessmen, Self-employed professionals, Pensioners, Students, or Homemakers.
- The purity of your gold must be above 18 carats.