What is gold loan, how to calculate gold loan interest?
The most important thing you really want to have some familiarity with about gold loans in India is that they are not simply implied for the rich and well known. With over 34% of Indian families claiming some gold gems, any reasonable person would agree that the vast majority have some gold lying around their home which they might need to get against. In the event that you are needing some fast cash, there are different sources accessible to get it. One such source is gold loans in India. These loans are short-term secured loans that can be utilized for any reason or speculation to get additional money. With the assistance of these gold loans, individuals even with no guarantee can undoubtedly get cash by vowing their adornments things at a sensible financing cost. You can read in detail about What is Gold Loan? by following the link. But for this blog, we will hop on to talk about How to calculate gold loan interest?
Instead of taking you through the boring mathematics behind calculations related to seeking a gold loan, let us give you the shortcut to calculate the EMI for your gold loan. All you need to do is visit the website of Rupeek.com and use its efficient gold loan calculator to know exactly how much money you can ask for, for your gold ornaments and what EMI plans are available to you. These EMI plans can be made further flexible with customizable options that Ruppek offers you. Moreover calculating the Interest rate for the gold loan is now a piece of cake for anyone and everyone. These are the basic steps you need to follow to use the calculator. You first need to opt for the way you want to calculate your loan re-payment options i.e. By selecting the loan amount you need or By selecting the weight and quality of your ornaments. This Gold Loan Calculator can likewise be utilized to work out how much gold you would have to get a loan sum. For Example, assuming you really want a loan for Rs.2 lakhs, it will let you know the gold weight needed in grams to get the gold loan, or vice versa. The process is quite simple, all you need to do next is to feed the inputs such as the required loan amount and one of the other two factors available i.e. Tenure or Rate of Intrest. If you choose the rate of interest, the calculator will tell you the monthly EMI along with the tenure of the loan that is being imposed, otherwise, it will tell you the rate of interest and the effective EMI. Likewise, if you choose to navigate and calculate the monthly EMI based on the gold ornaments that you possess all you need to feed is the purity of the gold along with its weight, and the calculator will give you the maximum amount of loan that you can seek for pledging your gold ornaments or coins, along with the effective EMI distribution chart and tenure. The Ui to use the calculator is quite simplified and you can use it with the help of sliders provided. Rupeek takes care of all the mathematics behind the process along with calculating the present market rate of gold in the backend.