Gold Loan EMI Calculator
When planning to avail a gold loan, you may wonder how much money you can borrow and how much interest to pay. This is where a calculator for the gold loan comes in handy. It helps you know your eligibility for the loan, and make adjustments to get a suitable deal.
The calculations are error-free and provide you with precise results. Additionally, using a gold loan calculator can save time and effort, as manually calculating the EMI for a gold loan can be tedious and time-consuming
Read on to learn more about the gold loan calculator, how it works, and how it can help you compare offers.
Calculate Gold Loan EMI
You can estimate your loan repayments using a gold loan EMI calculator. When applying for a loan, an EMI calculator is a valuable tool that helps plan repayment. For example, you can compute the EMI you need to pay and plan your repayment tenure.
Using the gold loan calculator, you can estimate how much instalment you may need to pay each month and adjust the loan amount and tenure accordingly. Furthermore, this helps you compare EMIs by choosing different tenure options.
Disclaimer: The results displayed when using an EMI calculator for the gold loan are indicative. The actual value of your gold may change after it is physically evaluated.
Remember, the interest rate on your loan will depend on the prevailing rates when the loan is approved. Hence, the gold loan calculator on Bajaj Markets is only a tool to help you assess instalments under different scenarios.
Checking with the lender is ideal when planning to avail a gold loan. You need to meet the required gold loan eligibility criteria before getting approval.
FAQs On Gold Loan Calculator
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✔️What is the gold loan calculator?
A gold loan EMI calculator online helps you estimate the amount you can borrow against the value of your gold and the interest you need to pay. All you need to do is enter the weight and purity of your gold, along with the repayment option.
Then, the gold or jewel loan EMI calculator estimates the loan amount and the total interest payable. A key point to note is that the results you get are always accurate. There are no errors, so long as you input the correct information. As such, you can rely on this tool to plan your loan and safeguard your assets.
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✔️What is the minimum and maximum tenure for a gold loan?
The tenure for a gold loan varies between a minimum of 3 months and a maximum of 48 months. You can repay according to your preference; some fixed tenures are monthly, bi-monthly, quarterly, half-yearly or annual.
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✔️How is gold loan interest calculated?
Gold loan interest is calculated by deducting the principal amount from the outstanding loan amount. Note that interest rate is one of the factors affecting EMI apart from other factors, including loan amount, monthly income, CIBIL score, net weight, gold carat, and tenure. You can use a gold loan EMI calculator to estimate your monthly instalments quickly.
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✔️Can I get a gold loan on EMI?
Yes, you can get a gold loan, where you repay in EMIs. You can repay your EMIs monthly, bi-monthly, quarterly, half-yearly or annually. The gold loan eligibility criteria are based on your weight, carat, monthly income and CIBIL score.
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✔️How do I calculate the gold loan interest?
The gold loan interest rate can be calculated using an EMI calculator.
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✔️How much gold is required for a ₹1 Lakh loan?
The amount of gold required for a ₹1 Lakh loan depends on the current market price of gold and the lender's loan-to-value (LTV) ratio. For instance, to borrow a loan of ₹1 Lakh, you may need to provide approximately 27.18 grams of gold jewellery to the lender as collateral at the current market rates.
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✔️How much loan can I get for 100g gold?
The loan amount you can get on 100g gold will depend on the current market price of gold and the lender's loan-to-value (LTV) ratio. Generally, lenders offer up to 75% LTV, so according to the current market value for 100g gold, you can get a loan exceeding ₹3 Lakhs. However, checking with the lender is ideal to know the correct amount.
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✔️Can I get a loan on 18-carat gold?
Yes, you can get a loan on 18-carat gold. However, the loan amount you receive depends on the lender's policies and the current market value of your gold. Typically, lenders accept gold with a purity level of at least 18 carats or above for gold loans.
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✔️What are the benefits of the gold loan calculator?
Gold loan calculators help estimate EMIs efficiently and quickly, saving time and effort. Furthermore, a calculator is easy to use. Finally, a gold loan calculator can help you make informed decisions about your loan and determine the loan amount and EMI that best suits your budget and financial goals.
