Gold loan is a popular type of secured loan where you pledge your gold jewellery, coins, or ornaments as collateral to borrow money from a bank or financial institution. It is quick and hassle-free way to borrow funds in times of need. However, it is important to calculate the interest that will be charged before borrowing any form of loan. In such a case, a gold loan EMI calculator will help you estimate the amount of gold loan you can borrow, the applicable interest rates, and your EMIs, making financial planning easier. Read on to know more about how you can use a gold loan calculator.
A gold loan calculator is a user-friendly tool offered by BankBazaar which helps you calculate the interest charged on your gold loan, the amount of EMI you will have to pay, and also check the outstanding balance. This tool is available free of cost and simple to use. It helps you make an informed decision regarding the amount of loan you can borrow, as per your requirement and repayment capacity.
The gold loan calculator is very easy to use. Follow the steps given below to use gold loan calculator offered by BankBazaar:
Step 1: Open the gold loan calculator offered by BankBazaar by clicking on link Gold Loan Calculator
Step 2: Fill in details like the amount of loan you wish to borrow, interest charged by the institution you are borrowing from, processing fee, etc.
Step 3: Once you have entered all the details,
All you need to do is enter the relevant information and click on submit. You will be shown the monthly repayment amount that you have to give as well as the break-up of principal and interest amounts.
One of the best ways to find out the amount of gold you have to see how much money you can borrow is by using the Gold Loan Calculator. To use it:
Using a gold loan calculator helps you make an informed decision regarding your loan. Some of the other advantages of using a gold loan calculator are as given below:
When you borrow a gold loan, the gold rate per gram is a determining factor to calculate the loan amount you can get. Gold loans are secured against your jewellery and any changes in gold prices directly impact on your borrowing capacity. Read on to know more about the factors that affect your gold loan EMI:
Gold loans provide a practical means of accessing money when needed and releasing the latent value of idle gold holdings. They offer liquidity to satisfy urgent financial demands or objectives with little paperwork and speedy approval.
The majority of lenders demand that borrowers be between the ages of 18 and 65. Ownership: The gold you are guaranteeing must be yours. Generally speaking, only jewellery weighing 18 to 24 carats is permitted. Income proof is typically not needed, therefore people of all income levels can apply.
After assessing the gold offered as collateral, the bank establishes the maximum loan amount and interest rate that can be applied. You can choose the loan payback period as the borrower, and it should be between six and twenty-four months.
For gold loans from banks and NBFCs, the RBI has specified a minimum loan amount of Rs.1000 and Rs.10,000, respectively. Borrowers must present Know Your Customer (KYC) documentation, such as evidence of identification, address, and income, in order to be eligible for a gold loan.
You may determine how much financing you can obtain based on the weight of your gold by calculating the Gold Loan per gramme. For example, if the lender gives a Loan-to-Value (LTV) ratio of 75% and the current price of gold is Rs.5,000 per gramme, the loan amount would be Rs.3,750 per gramme
No, you will not be charged for using BankBazaar gold loan calculator. It is available free of cost.

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