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Fincare Bank Gold Loan Per Gram

Fincare Bank Gold Loan Calculator

Last Updated 24th May 2021
Eligibility Criteria Fincare Bank Gold Loan
Gold Loan per gram ₹ 2,578 to ₹ 3,151 depending on the purity of gold
Age of Borrower 18 - 70 years
Maximum Loan Amount ₹ 40 Lakh
  • A borrower can estimate the amount of gold loan by considering the factors like gold loan per gram, loan to value ratio and etc.
  • Fincare Bank offers a maximum LTV of up to 100% of gold’s market value.
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Fincare Bank Gold Loan Per Gram

Fincare Small Finance Bank gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get loan on the basis of the purity and gold price of your jewelry adjusted for loan to value ratio.
As per the latest gold prices, Fincare Small Finance Bank offers a gold loan per gram of ₹ 2,578 to ₹ 3,151. Highest Fincare Small Finance Bank gold loan rate per gram today is ₹ 3,151 for 22 carat jewellery calculated at a maximum LTV of 90% and average gold loan prices of last 30 days in 2021 is ₹ 4,669 of 22 carat.

Gold Loan Calculator Fincare Bank

MyLoanCare’ s Fincare Bank Gold Loan Calculator gives you an estimate of the amount of gold loan you can avail basis the following factors.

  • Purity and net weight of gold used in jewelry: The bank will use their in-house valuer to assess the purity and net weight of gold in your jewelry. Gold used in the jewelry should be of a purity of 18 to 24 carats. Fincare Small Finance Bank will also reduce the weight of gems and stones from the jewelry to calculate the net weight of jewelry. The valuer will give his findings in writing.
  • Price of gold: Once the valuer estimates the purity and net weight of gold in your jewelry, Fincare Small Finance Bank will multiply it with the price of gold to calculate the value of gold. RBI has instructed banks to apply the past 30 days average price of 22 carat gold adjusted for purity of gold. So, if the gold is of 20 carat purity, Fincare Small Finance Bank will apply the 30 days average of 22 carat gold multiplied by a factor of 20/22 to adjust the value of gold.You can also check today's gold rate at MyLoanCare.
  • Loan to Value Ratio: Once the value of jewelry is calculated, Fincare Small Finance Bank will apply a LTV of up to 90% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, Fincare Small Finance Bank may offer you a lower interest rate.

Fincare Bank Gold Loan Rate Per Gram by Gold Purity

The following table gives an approximate estimate of gold loan per gram Fincare Small Finance Bank will offer against gold jewelry of different purity levels at a maximum LTV of 75% and lower LTV of 65%.

Gold Purity Gold rate per gram- average of past 30 days Fincare Small Finance Bank best Gold Loan per gram Fincare Small Finance Bank lowest Gold Loan per gram
22 carat₹ 46,688₹ 3,151₹ 2,731
20 carat₹ 42,444₹ 3,151₹ 2,483
18 carat₹ 38,199₹ 2,578₹ 2,235

The above table shows the method by which Fincare Small Finance Bank will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram in Fincare Small Finance Bank offer for 22 carat jewelry will be between ₹ 2,731 to ₹ 3,151
  • Fincare Small Finance Bank gold loan per gram offer for 20 carat jewelry will be between ₹ 2,483 to ₹ 3,151
  • Gold loan per gram offer of Fincare Small Finance Bank for 18 carat jewelry will be between ₹ 2,235 to ₹ 2,578

Tips to Get Best Gold Loan Amount Per Gram from Fincare Bank

  • Fincare Small Finance Bank accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get highest gold loan per gram for hallmark jewelry, as it reduces the chances of under-valuation by the valuer. Also, some banks charge a lower processing fees on hallmarked gold jewelry.
  • Fincare Small Finance Bank adjusts the price of 22 carat gold for purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for gold loan.
  • Fincare Small Finance Bank will calculate the net weight of jewelry to calculate the amount of loan against gold you can get. Always, try to choose jewelry which has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from total weight of jewelry. Fincare Small Finance Bank will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in lower amount of jewel loan you are eligible to get further, Fincare Small Finance Bank will not accept diamond jewelry if the gold used is of less than 18 carat purity. Most of the diamond jewelry is made in 16 carat to 18 carat gold and hence, will result in very low gold loan per gram.
  • Always try to get the maximum LTV on the value of gold. Fincare Small Finance Bank is allowed by RBI to charge a maximum LTV of up to 90% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr. A and his two friends Mr. B and Mr. C own different amounts of gold with varying purity. Mr. A has 70 gram of gold with a purity of 18 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 50 grams of gold with a purity or 22 carat. They approach Fincare Bank to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 90% will vary by the purity of gold and hence, will result in varying gold loan eligibility.

Carats / Weight of gold Gold Weight (in gm) Purity of Gold (in carat) Gold Loan Eligibility
Mr. A 70 18 ₹ 3.18 Lakh
Mr. B 60 20 ₹ 3.03 Lakh
Mr. C 50 22 ₹ 2.77 Lakh

As noted in the illustration above, Fincare Small Finance Bank will offer the lowest gold loan rate of ₹ 2.77 Lakh to Mr. C who has lowest gold weight of 50gm.

In the same illustration, Fincare Small Finance Bank will offer the highest gold loan amount to Mr. A at Rs ₹ 3.18 Lakh, because he has the highest gold weight.

Fincare Bank Gold Loan EMI Calculator

Gold Loan EMI of Fincare Small Finance Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. Fincare Bank offer EMI scheme on gold loan. The following table is illustrative and is applicable only if the bank offers EMI scheme on gold loan. Lowest EMI offered by Fincare Small Finance Bank is per lakh loan amount at lowest gold loan interest rate of 10.99%. Gold loan EMI of Fincare Small Finance Bank depends upon:

  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 9 Months gold loan from Fincare Small Finance Bank at interest rate of 10.99% per annum, EMI will be per ₹ 1 Lakh loan amount. At interest rate of 24.99% for the same loan, the EMI will be ₹ 12,300
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 10.99% per annum, the EMI would range from ₹ 33,946 to for loan tenure ranging from 3 Months to 9 Months

Use EMI Calculator to calculate your interest on gold loan at different tenure

Gold Loan EMI for ₹ 1 Lakh loan amount at lowest 10.99% interest rate offered by Fincare Small Finance Bank for different tenures

6 months 9 Months
Fincare Small Finance Bank EMI for a loan amount Rs. 1 lakh at 10.99% 17,205 11,626
Total amount you pay back to the bank including principal and interest 1.03 Lakh 1.05 Lakh
Interest you have to pay over loan tenure 3,230 4,634

As you can see in the above table that longer the loan tenure, lower is the EMI you pay on gold loan. However, your total interest outgo is significantly higher in case of long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 9 Months, the lowest EMI you will pay of ₹ 11,626. However, you pay an interest of ₹ 4,634 on a ₹ 1 Lakh loan.

In comparison, if you take a ₹ 1 Lakh loan from Fincare Small Finance Bank at the lowest interest rate for a period of 6 months, your monthly EMI will be as high as ₹ 17,205 and pay an interest of only ₹ 3,230 which is less than what you paid in a 9 Months loan. Hence, you must choose your loan tenure wisely as longer tenure leads to high interest cost.

Other Loan Calculators

FAQs

What is the age limit required for gold loan from Fincare Bank?

The minimum age should be 18 years and maximum age should be up to 70 years.

What is the maximum loan amount that I can avail on gold loan from Fincare Small Finance Bank?

The maximum loan that you can avail is up to 90% of the market value of the gold depending on the quality of the gold.

What is the loan tenure of Fincare Small Finance Bank gold loan?

Fincare Small Finance Bank gives gold loan to the applicants for a maximum tenure of 9 Months. So, the borrower should be sure about the repayment capacity of the loan.

What kind of gold items are accepted and rejected as a security?

Gold ornaments with carats in the range of 18 to 24 and weight of more than 50 grams are accepted by Fincare Small Finance Bank. Fincare Bank does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

How much processing fee is applicable in Fincare Small Finance Bank gold loan?

Fincare Small Finance Bank charges a processing fee of Upto 0.5% on gold loan.


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Fincare Bank Gold Loan News - Jun 2021
  • 2021-03-09 : Fincare expecting 10-20% growth in 2020-2021
    Despite the pandemic, Fincare Small Finance is expecting a 10% -20% growth in 2020-2021. The Small finance bank serves over 25.6 lakh customers in 19 states/territory with a workforce of 7,910 people.The size of the deposits is around Rs 5, 200 crore and the loan asset size is around Rs 5, 400 crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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