As India is a country where gold is one of the most important additions to asset building, people like to buy gold on important occasions and festivals. Today, many lending platforms offer gold loans at attractive interest rates. This is one of the prime reasons gold loans have gained a lot of popularity recently. It has become the go-to loan that people take to fulfil their immediate financial needs.
Today, one can access a gold loan EMI calculator to know their EMIs before taking a loan. It helps a lot to know how much money they need to keep aside every month to never default on loan payments.
What is a gold loan EMI?
EMI is the equated monthly instalment that the borrower has to pay in order to repay the loan amount in a timely manner. This amount, which is a combination of principal and interest rates, is fixed for the entire tenure of the loan. Once the borrower repays the complete gold loan amount, the lending platform returns the borrower’s gold.
It is essential to make timely payments on EMIs to avoid any penalty charges for default payments. Borrowers can use an online gold loan calculator to know their EMI amount beforehand and keep their account funded on the date of EMI deduction every month.
What is the Gold Loan EMI Calculator?
A gold loan calculator is a great tool for knowing the monthly loan repayment amount with a complete breakdown of the interest rate charged and the principal amount deducted in each EMI. So, one can say that an online gold loan calculator also calculates the interest charged on the gold loan.
Online gold loan calculators are available on the official websites of some of the best gold loan platforms. You can use this calculator to know the amount of gold required to avail of the loan by simply entering the required loan amount, tenure, and interest rates. On the other hand, this calculator can also be used to know the required loan amount by choosing the available gold weight in grams and karats, suitable interest rates, and tenure.
Top Benefits of Using Gold Loan Calculator
- The gold loan calculator is very user-friendly, and anyone can use it to know about the gold loan EMI or the loan amount that they can get against the gold that they possess.
- You can check the best gold schemes by using the gold loan calculator along with the payment plan.
- As the gold loan calculator can be used digitally, it saves you from making those lengthy calculations to know your loan amount eligibility.
- The results generated by gold calculators are accurate. This is because they use the updated gold prices to provide precise results.
- It also saves a lot of time that you would have otherwise spent visiting the lending platform’s nearest branch to know your eligibility for a gold loan.
If you are planning to take a gold loan, then it is a wise decision to check the gold loan amount, EMI, and interest rates charged on the gold that you have with valid receipts. These days, many lending platforms also provide gold loans at home. So, it is very easy and convenient to get instant funds if you know the EMI amount and have the convenience of availing of a gold loan without leaving the comforts of your home.
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