Canara Bank
Gold Loan Calculator
A Canara Bank Gold loan calculator is a tool used to estimate the amount of money that can be borrowed against gold jewellery or ornaments. Also find out Gold Loan EMI with the help of this gold loan calculator.
STEP 1
Enter gold weight
grams
GET MAXIMUM VALUE
Get money quickly in your account
Check the value of your gold and claim your cash now!
How to use a
Canara Bank Gold Loan EMI Calculator?
Using a Canara Bank gold loan EMI calculator is a simple and straightforward process. Here are the steps to use an online gold loan calculator:
1. Enter the loan amount that you wish to borrow from the lender.
2. Select the Purity of Gold.
Click on the "Calculate" button.
Based on the Rate of interest of Canara Bank EMI’s will be displayed assuming the duration to be of 6 months, the calculator will instantly display the monthly EMI amount that you will need to pay for your gold loan
GETTING A GOLD LOAN IS A TEDIOUS AND TIME CONSUMING PROCESS, ISN'T IT?
Well it turns out that we at indiagold have a solution for your problem. Now you can get Gold loans processed and disbursed instantly.
0.8% RATE OF INTEREST PER MONTH
HASSLE FREE DISBURSAL PROCESS
MONEY TRANSFER IN JUST 30 MINUTES*
100% FREE INSURANCE ON YOUR GOLD
APPLY ONLINE FOR GOLD LOAN
Gold Loan starting @ 0.8% per month
You will receive a call from our Relationship Manager
Why choose
Trusted by over 20 Lakh customers, indiagold provides instant gold loans and secure gold locker services across India
Hassle Free Online Repayments
One of the core reasons why IndiaGold has quickly become a favourite among borrowers is the convenience it offers. The borrowers can make hassle free online repayments which ensures that the repayment is done on time, and causes no difficulty, or inconvenience to the borrowers making the user journey smooth!
Quick release guarantee
Indiagold gives a quick release guarantee, under which the borrowers are able to get back their gold collateral upon full repayment of the outstanding amount. The quick release guarantee essentially helps
High Loan Amount for your Gold
IndiaGold is famous for the sheer value of the loan which is disbursed to the borrowers. With a high loan to value (LTV) ratio i.e. a high gold loan rate per gram, Indiagold is among very few lenders who give maximum value to the borrowers, thus enabling them to utilize their gold collateral in the most efficient manner to secure debt funding.
Instant Disbursal
Instant disbursement can go a long way from the borrower’s point of view. More often than not, the borrowers avail a gold loan to fund an urgent requirement, which cannot wait days. In such cases, a quick disbursal can help the borrowers get the maximum value of gold as a loan at the earliest possible time. IndiaGold offers a quick disbursal in a time as short as 30 minutes! Making it one of the best gold loan schemes available in the market.
Get gold loan in 3 easy steps
STEP 1
Request for a new loan
Contact us or give a missed call at 1800-123-999-888. Book a free appointment with our Relationship Manager.
STEP 2
Explore loan schemes
Our relationship manager will contact you to verify your requirements and schedule an appointment to process your gold loan application.
STEP 3
Gold stored in bank vaults
Your gold is 100% insured. You can close your loan or pay your EMI directly from the indiagold app.
How is Gold Loan EMI Calculated?
The EMI for a gold loan is calculated using a formula that takes into account the loan amount, loan tenure, and interest rate. The formula for EMI calculation is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Loan amount
R = Monthly interest rate
N = Loan tenure in months
Here is an example to help you understand how the EMI is calculated:
Suppose you borrow Rs. 1,00,000 at an interest rate of 12% for a loan tenure of 12 months. Using the formula, the EMI for this loan would be calculated as follows:
EMI = [1,00,000 x 0.01 x (1+0.01)^12]/ [(1+0.01)^12-1]
EMI = Rs. 8,885.87
LENDING PARTNERS
Benefits of Gold Loan Calculator
There are various loan calculators available online like gold loan calculator, personal loan EMI calculator, home loan calculator, among many. However, even though these are all loan products, these vary greatly. Hence it is essential to use the alright loan calculator to make the correct calculation. There are several benefits of using a gold loan calculator, including:
Quick and easy calculation: A gold loan calculator makes it easy to calculate the loan amount against gold jewellery or ornaments, helping an individual save both time and effort!
Accurate estimation: A gold loan calculator provides an accurate estimate of the maximum loan amount that can be obtained against the gold collateral. It takes into account the weight and purity of the gold, as well as the prevailing market value, to provide a reliable estimate.
Comparison of loan options: A gold loan calculator can be used to compare different loan options from different lenders. By inputting the same information into multiple calculators, you can compare the loan amounts, interest rates, and other terms and conditions offered by different lenders. This enables the borrowers to choose among the best fit gold loan schemes available to them.
Financial planning: A gold loan calculator can help you plan your finances by providing accurate loan estimates essentially helping decide whether a gold loan is the right option for you, and how much you can afford to borrow.
Transparency: A gold loan calculator provides transparency in the loan calculation process, and helps you understand the various factors that influence the loan amount. This can help you make more informed decisions about your finances, and avoid any surprises or hidden costs later on.
Features of Gold Loan
Attractive interest rates:
As gold loans are secured loans, they are subject to lesser interest rates as compared to other types of loans. This is due to the fact that in gold loans, the loan is backed by gold collateral which can be liquidated by the lender in an event of nonrepayment to recover any outstanding dues, thus decreasing the risk exposure for lenders and making the lending cheaper. IndiaGold offers one of the lowest gold loan interest rates in the market starting at just 0.85%* per month
Quick Processing:
Due to the nature of the gold loans, the processing time for availing loans is usually lower when compared to some other traditional forms of loans such as personal loans. The entire process requires far less paperwork, and assessment time due to the collateral backed nature of the loan. IndiaGold offers quick processing in times as low as 30 minutes! Thus offering the borrowers high convenience and customer satisfaction.
Loan-to-value (LTV):
The LTV ratio is 75% maximum, capped by the Reserve bank of India (RBI). For example, if you pledge gold worth Rs 1 Lakh, you can get a maximum of Rs 75,000 as Gold Loan. However, there is no guarantee that every lender will offer the borrowers an LTV of exactly 75%. It is dependent on the lender’s internal policies, risk exposure, and other factors such as promotional schemes. It is advisable for the borrowers to compare lenders and make an assessment with LTV offered as one of the critical points while availing a gold loan.
Lesser processing fees:
The processing fees of gold loans is very less when compared to some other lending products such as personal loans, home loans and vehicle loans where the lender bears additional costs such as assessment, credit check, high risk exposure, among others boosting the processing time and fees.
No foreclosure charges:
There are no foreclosure charges or prepayment penalty on paying the loan amount before the loan tenure, as compared to other loans. This is one of the biggest benefits of availing a gold loan in India, as it allows the borrower to freely prepay the loan without having to worry about attracting extra charges such as foreclosure or prepayment charges on making early EMI payments which essentially increases the cost of capital.
No credit score requirement:
Since gold loans are backed by gold or gold ornaments as collateral, there is no requirement for credit scores. Even though people with lesser credit scores can get these types of loans. The reason being the fact that these loans are secured by the borrower’s collateral, which decreases the risk for the lenders associated with lending.
Factors affecting Gold Loan interest Rate
Interest rates on gold loans are typically calculated as a percentage of the loan amount, and it varies depending on the lender, the loan amount, and the prevailing market conditions. The interest rate is usually calculated on an annual basis, but is often expressed as a monthly rate for ease of understanding.
The interest rate for a gold loan is based on several factors, including:
The interest rate for a gold loan is based on several factors, including:
Loan amount: The interest rate may be higher for larger loan amounts, as the lender may perceive larger loans to be more risky. It is recommended that the borrowers should only avail loans for the amount that is required. This helps in maintaining a more responsible borrowing, and is in favour of the borrower from a long term perspective as the amount would be easier to repay, and would attract lesser costs in interest payments.
Loan tenure: Longer loan tenures may be associated with higher interest rates, as the lender is exposed to more risk over a longer period of time.
Gold purity: The purity of the gold used as collateral can also affect the interest rate. Lenders may offer lower interest rates for higher-purity gold, as it is considered to be more valuable and easier to sell.
Market conditions:
A gold loan calculator provides transparency in the loan calculation process, and helps you understand the various factors that influence the loan amount. This can help you make more informed decisions about your finances, and avoid any surprises or hidden costs later on.
Once the interest rate is determined, the interest is calculated by multiplying the loan amount by the interest rate and dividing it by the number of months in the loan tenure. For example, if the interest rate is 10% per annum and the loan tenure is 12 months, the monthly interest rate would be 0.83% (10%/12). If the loan amount is Rs. 1,00,000, the monthly interest would be Rs. 830 (1,00,000 x 0.83%/month).
SUMMARY
Canara Bank Gold Loan Calculator is a basic web calculator where you can figure out how much gold ornament or jewellery loan you are eligible for. Based on your preferred weight of gold and purity, the calculator instantly calculates the amount you can borrow in the form of gold finance and the monthly EMI you will have to pay. This provides you with an idea of how much your expenditure would be, especially if you're going for a gold loan.
You may easily and soon utilize the Canara Bank Gold Loan EMI Calculator. As soon as you enter the gold loan amount that you are looking to borrow and the gold purity, the calculator tells you the EMI (monthly payment) based on the interest rates of Canara Bank, generally keeping in mind the repayment period for 6 months. Not only does it provide you with a clear view of the loan that you can avail, but it also helps you to plan your repayment effortlessly.
Gold loans have great benefits like low interest, minimal paperwork, and no credit score as they are collateralized by gold. With IndiaGold, it is even quicker, with the money credited within 30 minutes. And the gold you leave as collateral is fully insured, so you can sit back and relax during the duration. This gold finance calculator simplifies your decision-making process as it provides you with choice and transparency along with the advantage of comparison of interest rate and loan offers before you make a decision. It is a handy tool if you want to access the value of your gold in an easy and quick way.
You may easily and soon utilize the Canara Bank Gold Loan EMI Calculator. As soon as you enter the gold loan amount that you are looking to borrow and the gold purity, the calculator tells you the EMI (monthly payment) based on the interest rates of Canara Bank, generally keeping in mind the repayment period for 6 months. Not only does it provide you with a clear view of the loan that you can avail, but it also helps you to plan your repayment effortlessly.
Gold loans have great benefits like low interest, minimal paperwork, and no credit score as they are collateralized by gold. With IndiaGold, it is even quicker, with the money credited within 30 minutes. And the gold you leave as collateral is fully insured, so you can sit back and relax during the duration. This gold finance calculator simplifies your decision-making process as it provides you with choice and transparency along with the advantage of comparison of interest rate and loan offers before you make a decision. It is a handy tool if you want to access the value of your gold in an easy and quick way.