Gold Loan Eligibility Calculator

Gold loan eligibility calculator is an online tool which helps you know your gold loan eligibility. Gold loan per gram eligibility is calculated based upon your age, type of gold, and weight of gold. In addition, it calculates the maximum loan amount that you are eligible for and how much EMI you can pay. The eligibility calculator is convenient and easy to use. By using it you can also check for which banks you are eligible.

Age	18 Years is the minimum age and 75 Years is the maximum age to apply for a gold loan. Note: However, many banks require a minimum age of 23 years
Loan Amount	Up to ₹ 20 Lakh Interest rates are lower for a higher loan amount
Employment Type	Salaried, self-employed, businessmen, senior citizen, housewives
Gold Quality	Gold ornaments should range in between 18 to 24 Carats An average gold price of 22-carat gold for the preceding 30 days is adjusted down for gold purity.
CIBIL Score	CIBIL score is not required
Gold Articles that can be used for availing loan	Gold bars and coins Gold with 18-24 carat purity
Employment track record and income proofs	Banks do not check job stability and only require KYC documents

How to Calculate Gold Loan Eligibility?

✅When should you opt for a Gold Loan?

You should opt for a gold loan in the following situations:

• You need the loan on an extremely urgent basis for a relatively short period of time.
• If you want to avoid extensive paperwork or have no income proof to avail of a loan. This loan requires only basic KYC documents.
• Have no or low credit history.
• If you possess gold jewellery that you are willing to hypothecate.
• If you want to reduce the all-inclusive cost of borrowing. Gold Loans typically carry nil processing fees and prepayment penalties, thus reducing the overall cost of the loan.

✅How is gold loan eligibility calculated?

Lenders calculate your gold loan eligibility purely based on the weight and purity of gold submitted by you. They do not check any other demographics parameters such as income, work experience, employment etc. The banks, however, do check CIBIL score for gold loans of a high amount, typically more than Rs 1 lakh loan, before sanctioning an application. You can use an online Gold Loan Eligibility calculator to know the maximum amount you can get against your gold at the current gold price.

✅Are gold loans available as doorstep loans?

Yes, you can apply for a gold loan sitting at home if you fulfil gold loan eligibility criteria. There are many lenders like Muthoot, Manapurram, HDFC bank, Axis bank who offer digital gold loans. You can also avail of a digital gold loan with MyLoanCare. Only one visit is required to your nearest branch to deposit the gold, once you finalise the lender.

✅Is CIBIL required for a gold loan?

No CIBIL score is not a parameter for gold loan eligibility. Except in cases where you are borrowing a high gold loan amount running in a few lakhs. Gold loans can be availed even if you are unemployed and have no banking or income statement. However, you must own gold in the form of jewellery with purity marks above 18 carats. Note, that while the credit score is not important to avail gold loans, repaying gold loans on time can boost your score.

✅How much loan can I get on 50-gram gold?

The gold loan amount depends on the gold loan per gram rate and purity of gold. So, currently, the gold loan per 10 gram is ₹ 46,427. On 50 gram gold, you can get 75% of the gold loan per gram and that will be ₹ 3,134.

✅What is the eligibility criteria for a gold loan in SBI?

To avail SBI gold loan, you need to fulfil the eligibility criteria for age, purity and weight of gold. For instance, you should have a minimum and maximum age of 18 years and 65 years. In addition, the pledged gold should be between 18 to 22 K.

✅Is there any need for a bill for a gold loan?

No, you do not require your bill of gold jewellery for a gold loan as the lenders do a gold assessment check for evaluating the quality and weight of gold.

✅Is pan card compulsory for gold loan?

Yes, it is mandatory to submit a PAN Card to avail a gold loan. In addition, you also require other documents such as current address proof and 2 photographs.