Gold Loan EMI Calculator
Gold loan is considered as a secured loan, as the loan is provided by the banks against gold collateral. Banks provide this loan to borrowers by holding gold jewellery and coins, which is returned to the loan borrower upon repayment of the loan amount that is due. A loan secured with gold ornaments can be availed for short to medium term duration and is generally processed within minutes without the need of tedious documentation. If the gold loan is applied through Paisaexpo, you have the option of leveraging the easy to use gold loan EMI calculator for estimating your monthly payouts in lieu of the loan.
Why is Gold Loan preferred?
In order to meet immediate financial requirements, gold loan is a preferred choice of individuals for several reasons. Some of those reasons include:
- Gold loans interest is low when compared to other available options such as personal loan
- Gold loan tenure is very flexible and its tenure ranges between few days to 5 years.
- Pre-payment charges on gold loans are not levied by many banks and NBFCs.
- To avail this loan, only minimal documentation is necessary.
- Fast disbursement of the loan is another much loved feature of gold loan.
To use Gold Loan EMI Calculator at Paisaexpo, you must provide few key details:
- The rate of interest offered by leading banks to avail the Gold Loan
- The Loan amount of subscribed/required Gold loan principal
- The intended time period of the loan
- After submitting these three details, the EMI calculator would instantly calculate the monthly instalments (taking into consideration the ongoing gold prices) that are to be paid by the borrower. Similar information can also be used in other emi calculators such as home loan emi calculator, personal loan emi calculator, car loan emi calculator, etc.
To calculate Gold Loan Equated Monthly Instalments (EMIs), the calculator will benefit you in several ways:
- It saves you from hours of tiresome and fault prone calculations.
- It considers the latest gold prices into the calculation.
- It allows you to try various options for finding the Gold loan that is suitable for your requirement.
- By knowing the payable loan EMI, you can accordingly adjust your monthly budget so that you can make timely payments of your gold loan.