Gold Loan Per Gram
Gold Loan per gram refers to how much money you can get for every gram of gold you use as collateral. The disbursal amount depends on the weight and purity of the gold. This type of loan is beneficial for many reasons. By availing a Gold Loan per gram, you can access instant cash at low interest rates without selling your gold or worrying about losing it forever. It acts as a financial safety net in times of need.
Gold Loan Per Gram Calculator
Use our gold loan per gram calculator to check how much loan you can get instantly. Simply enter your details to get a quick and accurate estimate based on current gold rates.
How much loan can you get per gram?
The loan amount you can get per gram of gold depends on factors such as the current gold rate, purity of the gold, and the applicable loan-to-value (LTV) ratio. As per RBI guidelines, Manappuram Finance typically offer up to 75% of the gold’s market value for consupmtion loans and for higher loan amounts (higher LTV), additional documents like PAN card and income proof is required. Otherwise, these are not mandatory and depend on the selected loan option. For example, if the current gold rate is ₹10,000 per gram, you may be eligible for a loan of around ₹7,500 per gram (for 75% LTV), depending on the purity and lender policies. Use our gold loan per gram calculator to get an accurate estimate based on today’s gold rate.
Factors Affecting Gold Loan Rate Per Gram
- Demand and Supply: A high demand for gold reduces its supply. This causes prices to shoot up.
- Currency Fluctuations: When currency drops, gold becomes more valuable and expensive.
- Global Market Trends: Increased inflation and interest rates encourage people to invest in gold.
- Market Speculation: Market predictions and gold performance can also influence the gold prices.
Eligibility Criteria for Applying for a Gold Loan
- Age: You must be older than 18 years of age.
- Collateral Specifics: The gold you pledge must be between 18 and 24 karats.
- Ownership: You must be the owner of the gold you are using as collateral.
Documents Required for Gold Loan
- One proof of identity, such as a driving license, PAN card, voter ID, Aadhaar card or passport.
- One document for residential proof.
How to Calculate Gold Loan Per Gram?
Let us understand this with an example:
Assume that you have 5 grams of 22-carat gold against which you want to get a loan.
The gold rate per 1 gram is ₹8000. This means that your gold is worth ₹40,000 (8000X5).
Now, here is the important part. Lenders will give you up to 85% of this calculated value as a loan. With this calculation, you can borrow approximately ₹34,000 using your gold as collateral.
If you want to calculate your gold loan per gram quickly and easily, use Manappuram Finance Limited's Gold Loan Calculator .
This intuitive tool will give you an instant estimate of your Gold Loan amount. To use our calculator, enter the necessary details and click on "Calculate".
Gold Loan Interest Rates and Loan Tenure
Our interest rates are compounding. We have a base rate of 24.00%. In addition to this, and customers can avail interest rebate based on the prompt interest payment.
In addition, our Gold Loans have a tenure of 365 days, which means you have ample flexibility of 12 months to repay your Gold Loan.
Gold Loan Schemes
| Scheme Name | LTV | Loan Limit | Monthly Prompt | Bimonthly Prompt | Quarterly Prompt | Base Interest Rate | Annualised Rate of Interest |
|---|---|---|---|---|---|---|---|
| MT + 5 | 75% | Min ₹5 Lakhs | 9.90% | 24.00% | 24.00% | 24.00% | 26.82% |
| SA + 1 | 60% | Min ₹1.95 Lakhs | 11.50% | 24.00% | 24.00% | 24.00% | 26.82% |
| DS | 50% | Min ₹10,000 | 12.00% | 20.00% | 24.00% | 24.00% | 26.82% |
Note: Learn more about the interest rates of our gold loan schemes to make an informed decision.
Repayment
Bullet Payment: Repay the entire loan amount at once as a single lump-sum payment.
Part Payment: No more repayment stress. Make payments whenever it suits you.
FAQs
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Apply for Gold Loan Per Gram
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