Calculate gold loan amount and EMI
Gold loan amount is based on gold's weight, purity, and current market price. Lenders typically offer 60-75% of gold value (LTV ratio). Only 18-24 karat gold is accepted. Stones and making charges aren't considered.
Gold loan interest rates range from 7-15% per annum, lower than personal loans due to secured nature. Banks offer lower rates (7-10%), while NBFCs may charge 12-15%. Rate depends on loan amount and tenure.
If you default, the lender can auction your gold after due notice (typically 7 days). Any amount exceeding the loan is returned to you. Communicate with the lender early—restructuring or extension may be possible.
Gold loans offer lower interest rates (7-15% vs 10-24%), faster processing, and no credit score requirements. However, you risk losing your gold, and loan amount is limited to gold value. Choose based on your needs.
Gold loan tenures typically range from 7 days to 3 years. Some lenders offer up to 5 years. Shorter tenures have lower interest accumulation. Many borrowers use gold loans for short-term needs and repay within months.
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