Gold loan is one of the most popular loans. It is widely chosen by those who need urgent funds as this loan has an affordable interest rate than other loans like personal loans or home loans. There are several repayment options provided by lenders when you take gold loans. You can pay a part of the principal and interest rate amount every month. This gold loan EMI can be calculated with the help of a gold loan EMI calculator. This calculator is a digital financial tool that helps to calculate the probable EMI of a gold loan. Here, the individuals will have to fill in information such as desired loan amount, rate of interest, gold carat, tenure and so on. EMI calculator also gives an insight into a specific loan through an amortisation schedule. This schedule provides detailed EMI break-ups payable throughout the tenure. The best part about the EMI calculator is that you do not have to pay any fees to get the EMI valuation.
Easy Steps to Calculate Gold Loan EMI
Before you calculate the EMI amount, you should be aware of the basic formula to calculate it.
EMI = P*r*(1+r)^n/((1+r)^n–1)
Here,
E refers to EMIs
P refers to the actual amount loaned
r refers to the applicable interest rate
n refers to the selected loan tenure
Now, you can follow the below steps to calculate the EMI on the gold loan EMI calculator.
1: Visit the banks or financial institutions’ websites that have gold loan EMI calculators.
2: You will be required to enter details like loan amount, tenure, gold loan interest rate, weight, carat of gold jewellery and payment method.
3: EMI amount and loan details will be displayed immediately on the screen.
Benefits of a gold loan EMI calculator
Gold loan EMI calculators have features that are easy to access and provide quick results. The following are the benefits of the EMI calculator:
Fast calculation
As soon as you enter the required values, you get a swift calculation of the EMIs. It instantly provides information on the EMIs and loan details.
Easy to use
You can easily use the calculator and navigate yourself without any help. It displays the particular fields to enter the information like tenure, interest rate, gold carat and other details and then showcases the results.
Accurate results
EMI and principal amount can also be compute but it will be time-consuming and might leave some errors. Using a calculator will avoid these problems. Whatever value you enter, you get accurate all the time.
Financial Planning
You can plan your finances with the help of the gold loan EMI calculator. As it provides EMI and interest payment details, borrowers can make repayment plans.
Gold loan EMI is simple to calculate with the help of a calculator. You get accurate and quick results. Before calculating the EMI, you should know the loan amount, interest rate and the tenure of the loan. Knowing it beforehand will help you save time. With an EMI calculator, you can make informed repayment decisions.
