Gold Loan Calculator
Gold Loan Per Gram â€“ SBI, Manappuram, HDFC, Axis, Yes Bank
Gold Loan per gram  Rs. 2,767 to Rs. 3,382 
Eligible Age  18 to 75 years 
Loan Amount Eligibility  Rs. 1,000 to Rs. 2 Cr 
Loan as percent of gold value  Up to 75% 
Purity of gold  18 carat to 22 carat 
Type of gold  Gold jewelry and gold coins of banks of up to 50 grams 
Who is Eligible?  All individuals with basic KYC documents for address and identity proof. No income documents and no CIBIL score required 
 Todayâ€™s gold loan rate per gram is Rs. 3,382 for 22 carat gold, Rs. 3,074 for 20 carat gold and Rs. 2,767 for 18 carat gold
 Compare and check eligibility online to get best offers on interest rate and gold loan rate per gram
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Compare Gold Loan Rate Per Gram and Lowest EMI of All Banks
Bank  Interest Rate  Lowest EMI Per Lakh  Eligible Loan Amount for Max Tenure 

SBI Gold Loan  9.15%  Rs. 3,187  Rs. 20 Lakh for 36 months 
Muthoot Gold Loan  12.00%  Rs. 3,321  Rs. 1 Cr for 36 months 
Manappuram Gold Loan  12.00%  Rs. 8,885  Rs. 1 Cr for 12 months 
HDFC Bank  10.05%  Rs. 4,617  Rs. 50 Lakh for 24 months 
IIFL  9.24%  Rs. 9,516  Rs. 10 Lakh for 11 months 
Yes Bank  11.25%  Rs. 3,286  Rs. 50 Lakh for 36 months 
ICICI Bank  10.00%  Rs. 8,792  Rs. 15 Lakh for 12 months 
Federal Bank  11.75%  Rs. 8,873  Rs. 75 Lakh for 12 months 
Canara Bank  9.10%  Rs. 8,750  Rs. 10 Lakh for 12 months 
Andhra Bank  10.70%  Rs. 8,824  Rs. 2 Cr for 12 months 
Axis Bank  9.75%  Rs. 4,603  Rs. 20 Lakh for 24 months 
IndusInd Bank  11.25%  Rs. 8,850  Rs. 10 Lakh for 12 months 
PNB  10.05%  Rs. 8,794  Rs. 10 Lakh for 12 months 
Gold Loan Eligibility Calculator
You may be eligible for gold loan in India from one or more banks if you meet the following eligibility conditions:
Minimum and Maximum Age  21 Yrs â€“ 65 Yrs Note: However, many banks require minimum age of 23 years 
Loan Amount 

Employment Type 

Quality of Gold 

CIBIL Score 

Gold ornaments that can be used for availing loan 

Employment track record and income proofs  Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof and Aadhaar card to avail this loan. 
Gold Loan rate per gram as per gold purity
Gold Loan calculator calculates the gold loan per gram based on the total weight of jewelry, level of purity, past 30 days average price of 22 carat gold and loan to value offered by your bank.As per todayâ€™s gold prices the highest gold loan per gram against 22 carat gold is Rs. 4,509 per gram.Key variables that are required to calculate gold loan rate per gram is past.
 30 days average price of 22 carat gold which has to be adjusted down for level of purity before multiplying it with the LTV.
 In the table below, as on 26th May 2020, the past 30 days average price of 22 carat gold is Rs. 43,371.
Gold Purity  Past 30 days average price of gold per 10 grams  Maximum LTV  Gold Loan per gram of gold 

22 carat  43,371  75%  3,253 
20 carat  39,428  75%  2,957 
18 carat  35,486  75%  2,661 
However, you will be eligible for a lesser gold loan per gram of jewelry if you take a loan against 10 gram of 18 carat gold. If you take a loan against 18 carat gold, you will be eligible for a gold loan of Rs. 2,661 per gram of gold after multiplying it with the calculated price of 18 carat gold as seen in the table above.
If you take a loan against 22 carat gold, you will be eligible for a gold loan rate of Rs. 3,253 per gram
Gold Loan Calculator
Gold loan eligibility is measured in terms of loan per gram of gold or gold loan amount you may get given the value of gold pledged (dependent on price of gold), purity of gold and LTV applied by banks. The price of gold is taken as past 30 days average price of 22 carat gold and loan to value offered by your bank. Your loan amount elgibilty along with the interest rate offered and tenure of the gold loan determines your Gold Loan EMI.
ILLUSTRATION 1: The borrower has 100 gm of gold jewelry. Multiple banks have provided different estimates of gold loan per gram and gold loan interest rate based on their assessment of gold weight, purity and loan to value ratio to be offered to the borrower. Bank X estimates the gold jewelry at 22 carat with a net weight of 75 gm (after deducting the weight of gems and stones). The bank applies a LTV ratio of 70% and offers the loan at an interest rate of 10.50%.
At the lowest interest rate of 10.50%, the minimum EMI works out to be Rs. 2,560 per lakh loan amount for 4 years.
Bank Y estimates the purity of gold jewelry at 22 carat with a net weight of 90 gm (after deducting the weight of gems and stones). The bank applies a LTV of 75% and offers an interest rate of 29.00%. How do the two gold loan offers compare with each other in terms of loan amount eligibility and hence, Gold Loan EMI
Banks will take average price of gold of last 30 days to estimate the value of the gold to calculate a borrowerâ€˜s gold loan eligibility. The current average gold rate per 10 gram is Rs. 45,090.
Bank  Gold Loan eligibility  Interest rate  Monthly EMI 

Bank X  Rs. 2.17 Lakh  10.50%  Rs. 7,053 
Bank Y  Rs. 2.79 Lakh  29.00%  Rs. 11,691 
Borrower is eligible for a lower loan amount of Rs.2.89 Lakh from Bank X for 100 gram of jewelry at a lower interest rate compared to the other bank. Given, lower loan amount and lower interest rate, the borrower has to pay a monthly EMI of Rs. 12,124 from Bank X.
In case of Bank Y, Mr. A is eligible for a higher loan amount of Rs. 3.10 Lakh for 100 gram of jewelry, but he will pay a higher interest rate and hence, a higher EMI on the loan.
Whether Mr. A will take a loan from Bank X or Bank Y depends on the loan amount he is looking for. If the loan amount he is eligible to get from Bank X is suitable to meet his requirements, he may opt for lower interest and hence, low EMI loan. If he is looking for higher loan amount eligibility, it might be suit him to take a loan from Bank Y, even when it comes at higher interest rate.
Gold Loan EMI Calculator
Gold Loan EMI is the amount that you pay every month to the bank or financial institution in
order to repay your loan. EMI is composed of both principal amount and interest component.
Interest component on your EMI is higher in early months and reduced with each EMI. EMI
Calculator helps you to calculate your monthly EMI at desired interest rate for a particular
tenure.
MI depends upon loan amount, interest rate and loan tenure
 Loan amount â€“ If you apply for a higher gold loan amount, then your EMI will be high
 Interest rate  Higher jewel loan interest rate leads to high amount of EMI
 Loan tenure â€“ EMI on gold loan reduces in case of high loan tenure
EMI Gold Loan Scheme with Bullet Repayment Scheme Comparison
ILLUSTRATION 2: Mr. B wants to take a Gold Loan of Rs. 3 lakh with a tenure of 12 months at an interest rate of 14.5%. He is not sure on how is repayment schedule look like in the case of EMI gold loan scheme and Bullet repayment gold loan scheme. Under the bullet repayment scheme, the borrower has opted for interest only EMIs where he pays monthly EMIs to service his interest expenses and pays the principal component in one go at the end of the loan tenure. Mr. B will end up paying more interest in the bullet repayment scheme, as he is not repaying any principal back to the bank during the loan tenure.
Monthly Payment  EMI Scheme (Rs.)  Bullet Repayment (Rs.) 

Month 1  27,007  3,625 
Month 2  27,007  3,625 
Month 3  27,007  3,625 
Month 4  27,007  3,625 
Month 5  27,007  3,625 
Month 6  27,007  3,625 
Month 7  27,007  3,625 
Month 8  27,007  3,625 
Month 9  27,007  3,625 
Month 10  27,007  3,625 
Month 11  27,007  3,625 
Month 12  27,007  3,625 
Bullet Payment (At end of 12 months)  Rs. 3 Lakh  
Total Payment  Rs. 3.24 Lakh  Rs. 3.44 Lakh 
Why to opt for a Bullet Repayment Scheme?
 Saves you from the burden of repaying principal every month
 Suitable for short tenure gold loans of less than 6 months
 Helps avail flexible repayment schedule where you can choose to pay interest on the loan as monthly EMIs and the principal payment in one installment at the end of the loan tenure. Some banks also offer the flexibility of paying some portion of principal as part of your monthly payments.
Why not to opt for a Bullet Repayment Scheme?
 Banks may offer lower LTV and charge higher rate of interest on bullet repayment loans
 You end up paying higher interest on your bullet repayment loan as it is not a reducing balance loan. Effective rate of interest is higher in a bullet repayment loan even when the quoted interest rate is same as that of EMI Gold Loan.
Why to opt for EMI Gold Loan?
 EMI option saves you from the burden of repaying whole principal amount at the end of tenure.
 This repayment option is more suitable for long tenure loans. Though banks and NBFCs offer EMI repayment options on shorter tenure loans as well.
 These loans can be availed at lower interest rates compared to bullet repayment gold loan.
Why not to opt for EMI Gold loan?
 You carry a monthly burden of repaying your loan which can be difficult to service especially in short duration loans.
FAQs on Gold Loan Eligibility
 You need the loan on an extremely urgent basis for a relatively short period of time.
 If you want to avoid extensive paper work or have no income proofs to avail a loan. This loan requires only basic KYC documents.
 No credit history or CIBIL score required.
 If you possess gold jewellery that you are willing to hypothecate.
 If you want to reduce you allinclusive cost of borrowing. Gold Loans typically carry nil processing fees and prepayment penalty, thus reducing the overall cost of loan.
 If you are not comfortable with parting away with your gold jewellery and handover its custody to the bank. Your jewellery is typically kept safe by banks and specialised finance companies such as Muthoot or Manappuram, the only hitch is that you cannot use the jewellery, while it is with the bank.
 If you are looking for loans of more than 36 months.
 If you have alternative assets to pledge which may fetch you a lower rate of interest.
You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.
How is gold loan EMI calculated?You can use the EMI calculator to calculate the EMI for your gold loan. The information you would need for using the EMI calculator is the loan amount, rate of interest, and tenure. Using the online calculator is a better option than manual calculation as it has high chances of mistakes.