# HDFC Gold Loan Per Gram

## HDFC Gold Loan Calculator

HDFC Bank offers highest gold loan per gram of Rs. 2,162 at today’s average gold price of Rs. 28,827 for 22 carat gold.

Eligibility Criteria | HDFC Gold Loan |
---|---|

Gold Loan per gram | Rs. 1,769 to Rs. 2,162 depending on the purity of gold |

Age of Borrower | 21 - 65 years |

Maximum Loan Amount | Rs. 50 Lakh |

Maximum Loan to Gold Value Ratio | Up to 75% |

Purity of Eligible gold | 18 carat to 22 carat gold |

Maximum Loan Tenure | 24 months |

Lowest EMI Per Lakh | Rs. 4,638 |

## HDFC Gold Loan Per Gram

HDFC 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, HDFC Bank offers a gold loan per gram of Rs. 1,769 to Rs. 2,162. Highest HDFC Bank gold loan rate per gram today is Rs. 2,162 for 22 carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of last 30 days in 2018 is Rs. 2,883 of 22 carat

### Gold Loan Calculator HDFC

MyLoanCare’ s HDFC 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. HDFC 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, HDFC 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, HDFC 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, HDFC Bank will apply a LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, HDFC Bank may offer you a lower interest rate.

### HDFC Gold Loan Rate Per Gram by Gold Purity

The following table gives an approximate estimate of gold loan per gram HDFC Bank 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 | HDFC Bank best Gold Loan per gram | HDFC Bank lowest Gold Loan per gram |
---|---|---|---|

22 carat | 28,827 | 2,162 | 1,874 |

20 carat | 26,206 | 2,162 | 1,703 |

18 carat | 23,585 | 1,769 | 1,533 |

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

- Gold loan per gram in HDFC Bank Bank offer for 22 carat jewelry will be between Rs. 1,874 to Rs. 2,162
- HDFC Bank Bank gold loan per gram offer for 20 carat jewelry will be between Rs. 1,703 to Rs. 2,162
- Gold loan per gram offer of HDFC Bank Bank for 18 carat jewelry will be between Rs. 1,533 Rs. 1,769

#### Tips to Get Best Gold Loan Amount Per Gram from HDFC

- HDFC 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.
- HDFC 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 gold loan rate per gram
- HDFC 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. HDFC 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 can are eligible to get Further, HDFC 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. HDFC Bank is allowed by RBI to charge a maximum LTV of up to 75% 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 50 gram of gold with a purity of 22 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 70 grams of gold with a purity or 22 carat. They approach HDFC to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 75% 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 | 50 | 22 | Rs. 99,241 |

Mr. B | 60 | 20 | Rs. 1.08 Lakh |

Mr. C | 70 | 18 | Rs. 1.14 Lakh |

As noted in the illustration above, despite having the highest weight of gold, HDFC Bank will offer the lowest gold loan amount of Rs. 99,241 due to lower purity of gold at 22 carat.

In the same illustration, HDFC Bank will offer the highest gold loan amount to Mr. A at Rs. 1.14 Lakh, despite having the lowest weight of gold. Hence, clearly one can improve the gold loan amount eligibility from HDFC Bank by opting to pledge a high purity gold jewelry.

### HDFC Gold Loan EMI Calculator

Gold Loan EMI of HDFC Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. HDFC 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 HDFC Bank is Rs. 4,638 per lakh loan amount at lowest gold loan interest rate of 10.50%. Gold loan EMI of HDFC Bank depends upon:

**Rate of interest:**Higher the interest rate, higher will be the EMI. For a 24 months gold loan from HDFC Bank at interest rate of 10.50% per annum, EMI will be Rs. 4,638 per Rs. one lakh loan amount. At interest rate of 14.50% for the same loan, the EMI will be Rs. 4,825**Loan tenure:**Longer the loan tenure, lesser your monthly EMI. At 10.50% per annum, the EMI would range from Rs. 17,181 to Rs. 4,638 for loan tenure ranging from 6 months to 24 months

**Gold Loan EMI for Rs. 1 Lakh loan amount at lowest 10.50% interest rate offered by HDFC Bank Bank for different tenures**

6 months | 12 months | 24 months | |
---|---|---|---|

HDFC Bank EMI for a loan amount Rs. 1 lakh at 10.50% | 17,181 | 8,815 | 4,638 |

Total amount you pay back to the bank including principal and interest | 1.03 Lakh | 1.06 Lakh | 1.11 Lakh |

Interest you have to pay over loan tenure | 3,086 | 5,780 | 11,312 |

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 Rs. 1 Lakh loan for a period of 24 months, the lowest EMI you will pay of Rs. 4,638 . However, you pay an interest of Rs. 11,312 on a Rs. 1 Lakh loan.

In comparison, if you take a Rs. 1 Lakh loan from HDFC Bank at the lowest interest rate for a period of 6 months, your monthly EMI will be as high as Rs. 17,181 and pay an interest of only Rs. 3,086 which is less than what you paid in a 24 months loan. Hence, you must choose your loan tenure wisely as longer tenure leads to high interest cost.

#### Frequently Asked Questions

The minimum age should be 21 years and maximum age should be up to 65 years .

What is the maximum loan amount that I can avail on gold loan from HDFC Bank ?The maximum loan that you can avail is up to 75% of the market value of the gold depending on the quality of the gold.

What is the loan tenure of HDFC Bank gold loan?HDFC Bank gives gold loan to the applicants for a maximum tenure of 24 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 HDFC Bank. HDFC does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

How much processing fee is applicable in HDFC Bank gold loan?HDFC Bank charges a processing fee of 0.25% to 1.00% on gold loan.