Gold loans and gold EMI calculator are related to each other in ways that will benefit the borrower when he/ she is applying for a gold loan. As we know the market for gold loans is huge and gold EMI calculators are used to comparing different rates offered by different financial companies.
Further, we will look in details regarding why the gold loan market has increased so much in recent times:
Fast processing- Gold loans take a lot less processing tie than compared to other unsecured loans. As gold loans are a form of secured loan, where the collateral is provided in the name of security, hence there is not much requirement of heavy documentation and the process of procuring is pretty fast. Although a certified bank or NBFC can only lend you the credit based on the quantity and quality of collateral provided in a loan to value ratio of 90%.
High flexibility- The gold loan credit can be used for any purpose like for buying a car, renovating a house, planning a destination wedding, etc. While getting the loan transacted to your account you do not have to provide any explanation as to what you are supposed to do with the credit. HDFC gold loan offers flexibility while approaching for such loans.
Easy pre-closure- Unlike other loan schemes where a penalty is charged for pre-closure of accounts, gold loans let you settle your accounts before the tenure ends and does not charge for that purpose. This is an added benefit that other loan schemes take charges for.
Low-interest rate- Gold loans have a comparatively low-interest rate than credit cards or personal loans. The rates start as low as 10% and might shoot up to a maximum of 24% in a year.
Easy EMI facility- Gold loans are more convenient as they have an easy monthly EMI installation. This EMI installation can be increased or decreased based on the tenure of one’s choice.
Gold loan EMI calculators:
A gold loan EMI calculator is structured to help the borrowers compare between various financial companies thereby allowing the borrower to choose amongst so many options. It helps to get a fair estimate of the value of the gold that is to be used as collateral for the loan. Although the results are dependent on various factors like weight, gold form, and the purity of the gold provided by the borrower. So in order to use a gold loan EMI calculator, the borrower must know these details, so as to calculate the correct amount. Once these details are filled, the gold loan calculator gives a calculated result which is the amount of money you are eligible to get on pledging the gold.
Further, it has more uses than just comparing market rates and values of gold loans. After calculating the eligible amount, it is also capable of calculating repayment amounts. One can either repay in a ransom or deposit a monthly EMI instalment. To calculate the EMIs of gold loans the calculator is used as well. But to do that one needs to feed some desired inputs like, the loan amount that has been subscribed, the interest rate offered by the particular institution, as well as the intended loan tenure.
Gold loans are advised to be treated with caution as an individual risk his or her gold assets to get the loan credited. Further gold loan EMI calculators are there to compare between various banks and NBFCs so as to provide you with the best offer. Thus it has made it easier for people to avail gold loans and check their monetary requirements with the use of these calculators. Moreover anyone above the age of 21 having hallmarked, government-certified gold assets can go ahead to apply for this scheme. The loans can be paid back easily as the re-payment tenure and options are quite flexible.
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