Gold Loan Calculator

A gold loan calculator is an essential financial tool that helps borrowers understand their monthly repayment obligations when taking a loan against gold. This comprehensive calculator supports multiple Indian banks including SBI, Canara Bank, HDFC, Union Bank, BOB (Bank of Baroda), ICICI, Indian Bank, Muthoot, PNB (Punjab National Bank), IIFL, and IOB (Indian Overseas Bank), allowing you to compare different options and find the best gold loan rates.

Gold loans are secured loans where you pledge your gold jewelry or ornaments as collateral. The loan amount is typically 75% to 90% of the gold's value, depending on the bank and purity of gold. Banks like SBI, HDFC, ICICI, and Canara Bank offer competitive interest rates, usually ranging from 9% to 12% per annum. The gold loan calculator helps you calculate the exact monthly EMI based on the loan amount, interest rate, and tenure.

When using the gold loan calculator online, you can input details such as gold weight, current gold rate per gram, gold purity (18, 22, or 24 carat), loan percentage, interest rate, and loan tenure. The calculator then computes the EMI, total interest payable, and provides a detailed payment schedule. For banks like SBI, Canara Bank, HDFC, Union Bank, BOB, ICICI, Indian Bank, Muthoot, PNB, IIFL, and IOB, the calculator uses bank-specific default rates, but you can also customize these values.

The gold loan calculator India is particularly useful for comparing rates across different banks. For instance, SBI gold loan rates might differ from HDFC or ICICI rates. The calculator allows you to switch between banks and see how the EMI changes. Higher purity gold (24 carat) often commands better rates and higher loan percentages compared to 18 or 22 carat gold. Banks like Muthoot and IIFL typically offer higher loan percentages (up to 80%) but may have slightly higher interest rates.

Advanced features of the gold loan calculator include prepayment options, which help you understand how making extra payments can reduce your total interest and loan tenure. The calculator also supports processing fee calculations, giving you a complete picture of the total cost of your gold loan. This is especially useful when planning your gold loan with banks like Axis Bank, IIFL, or any other preferred lender.

Whether you're looking for a gold loan from SBI, Canara Bank, HDFC, Union Bank, BOB, ICICI, Indian Bank, Muthoot, PNB, IIFL, or IOB, this comprehensive gold loan calculator provides accurate calculations and helps you make informed financial decisions. The calculator also supports export functionality, allowing you to download the payment schedule to Excel or CSV format for your records. This feature is particularly useful for financial planning and documentation purposes.

Gold loans are popular in India due to their quick processing, minimal documentation, and flexible repayment options. Unlike personal loans, gold loans don't require extensive credit checks, making them accessible to a wider range of borrowers. The gold loan calculator helps you understand the financial implications of your loan decision, including the total interest cost, monthly EMI, and the impact of prepayments on your loan tenure.