Gold Loan Calculator
- ₹ 1L
- ₹ 1Cr
- 1 Yr
- 7 Yr
- 7 %
- 17.5 %
- Interest Amount
- Principle Amount
- Monthly EMI
- ₹14,000
- Principle Amount
- ₹4,80,000
- Interest Amount
- ₹3,27,633
- Total Amount to Pay
- ₹8,07,633
Start investing with flat ₹20 brokerage.
| Year | Interest Paid | Principal Paid | Outstanding Loan Balance |
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A Gold Loan Calculator is an online tool that helps you estimate the loan amount you can get by pledging your gold as collateral. By entering details like the weight, purity (measured in karats), and current market rate of your gold, the calculator provides an estimate of the eligible loan amount. It also considers factors like the Loan-to-Value (LTV) ratio and the desired loan tenure. This tool helps you make informed decisions about your loan by offering a clear estimate of your loan potential and repayment obligations.
A Gold Loan Calculator estimates the loan amount you can get by pledging gold. Enter the gold's weight, purity, and the current market price. The calculator uses these inputs, along with the Loan-to-Value (LTV) ratio, to provide an estimated loan amount and repayment details. This helps in planning and making informed decisions.
Saving time is the primary goal of having a gold loan calculator in India. When you enter crucial information, the computerized tool calculates your details using a set method to produce an exact value. You can benefit from a gold finance calculator in the following ways:
It helps you plan your monthly budget and determine whether the amount calculated is affordable for you based on your other loans, liabilities, and monthly expenses.
It is always accurate and never makes mistakes.
It assists you in breaking down the amount payable into multiple items, such as the amount borrowed, the applicable gold loan interest rate, and processing fees.
To be eligible for a gold loan in India, you must be a resident Indian, aged between 18 and 75 years. You need to provide gold as collateral, typically in the form of jewelry or coins with a purity of 18-24 karats. Both salaried individuals and self-employed persons, including business owners, homemakers, and pensioners, can apply. The Loan-to-Value (LTV) ratio determines the maximum loan amount, usually up to 75% of the gold's value. Ensure you have all necessary documents and meet the lender's specific criteria before applying.
Frequently Asked Questions
Interest on gold loans is typically calculated using the simple interest formula:
Interest = Principal Amount x Rate of Interest x Time (in years).
The principal amount is the loan amount, the rate of interest is the annual percentage charged by the lender, and the time is the loan tenure. Some lenders may offer fixed or floating interest rates, so it's important to check the specific terms with your lender.
To use a gold loan interest calculator, follow these steps:
1. Enter the weight of your gold: Measure the gold you want to pledge and enter the weight in grams.
2. Specify the purity: Input the purity of your gold (e.g., 22K, 24K).
3. Enter the current market rate: Use the latest market rate of gold per gram.
4. Select the loan tenure: Choose the duration for which you want to take the loan.
5. Input the interest rate: Enter the annual interest rate offered by the lender.
6. Calculate: Click the calculate button to get the estimated loan amount and interest.
Disclaimer: The calculator available on the 5paisa website is intended for informational purposes only and is designed to assist you in estimating potential investments. However, it is important to understand that this calculator should not be the sole basis for creating or implementing any investment strategy. View More..