Rupeek
Gold Loan Calculator
GETTING A GOLD LOAN IS A TEDIOUS AND TIME CONSUMING PROCESS, ISN'T IT?
Well it turns out that we at indiagold have a solution for your problem. Now you can get Gold loans processed and disbursed instantly.
0.85% RATE OF INTEREST PER MONTH
HASSLE FREE DISBURSAL PROCESS
MONEY TRANSFER IN JUST 30 MINUTES*
100% FREE INSURANCE ON YOUR GOLD
Why choose
Trusted by over 20 Lakh customers, indiagold provides instant gold loans and secure gold locker services across India
Hassle Free Online Repayments
Indiagold not only offers one of the most lucrative gold loans in India, but also offers the borrowers with great hassle free repayment plans. This goes is crucial from the borrower’s perspective as it gives them the flexibility to pay off the loan more while utilizing the funds secured from the gold loan as planned.
Quick release guarantee
IndiaGold offers quick collateral release which essentially means high convenience to the customers, ensuring that the borrowers get the highest convenience even after closing the loan account. Quick release guarantee enables the borrowers to get back their gold on time, and utilize the same as they seem fit.
High Loan Amount for your Gold
IndiaGold offers one of the highest Loan to Value (LTV) offered by the lenders. This enables the borrowers to secure a maximum amount of loan against their collateral! A high LTV offered to the borrowers helps them get the maximum value as a debt from their gold, essentially enabling the borrowers to utilize maximum available funds as they see fit.
Instant Disbursal
IndiaGold offers low gold loan processing times and instant disbursal, the entire process of obtaining a gold loan is lightning quick, thus enabling the lender to give out funds in under 30 minutes!
Low Documentation Requirement
Unlike some other loans available in the market, gold loans have a low documentation requirement. The reason being that these types of loans are backed by your gold. Hence, the entire process of availing the loan, including the documentation process is pretty straightforward and less time consuming.
Get gold loan in 3 easy steps
Request for a new loan
Contact us or give a missed call at 1800-123-999-888. Book a free appointment with our Relationship Manager.
Explore loan schemes
Our relationship manager will contact you to verify your requirements and schedule an appointment to process your gold loan application.
Gold stored in bank vaults
Your gold is 100% insured. You can close your loan or pay your EMI directly from the indiagold app.
How is Gold Loan EMI Calculated?
LENDING PARTNERS
Benefits of Gold Loan Calculator
There are various loan calculators available online like gold loan calculator, personal loan EMI calculator, home loan calculator, among many. However, even though these are all loan products, these vary greatly. Hence it is essential to use the alright loan calculator to make the correct calculation. There are several benefits of using a gold loan calculator, including:
Quick and easy calculation:
A gold loan calculator makes it easy to calculate the loan amount against gold jewellery or ornaments, helping an individual save both time and effort!
Accurate estimation:
A gold loan calculator provides an accurate estimate of the maximum loan amount that can be obtained against the gold collateral. It takes into account the weight and purity of the gold, as well as the prevailing market value, to provide a reliable estimate.
Comparison of loan options:
A gold loan calculator can be used to compare different loan options from different lenders. By inputting the same information into multiple calculators, you can compare the loan amounts, interest rates, and other terms and conditions offered by different lenders. This enables the borrowers to choose among the best fit gold loan schemes available to them.
Financial planning:
A gold loan calculator can help you plan your finances by providing accurate loan estimates essentially helping decide whether a gold loan is the right option for you, and how much you can afford to borrow.
Transparency:
A gold loan calculator provides transparency in the loan calculation process, and helps you understand the various factors that influence the loan amount. This can help you make more informed decisions about your finances, and avoid any surprises or hidden costs later on.
Features of Gold Loan
Attractive interest rates:
As gold loans are secured loans, they are subject to lesser interest rates as compared to other types of loans. A borrower should always consider which lender is offering the best interest rate, and take a decision accordingly. IndiaGold offers one of the best gold loan interest rate in India.
Loan-to-value (LTV):
The LTV ratio is 75% maximum, capped by the Reserve bank of India (RBI). For example, if you pledge gold worth Rs 1 Lakh, you can get a maximum of Rs 75,000 as Gold Loan. It is recommended that the borrower should compare the Loan to value (LTV) offered by different lenders to ensure that they are able to secure the most loan amount for their gold.
Lesser processing fees:
The processing fees of gold loans is very less. As there is no industry standard when it comes to processing fees offered by gold loan providers, it is the borrower's responsibility to do the necessary checks to avoid paying high amounts in processing fees.
No foreclosure charges:
There are no foreclosure charges or prepayment penalty on paying the loan amount before the loan tenure, as compared to other loans
No credit score requirement:
Since gold loans are backed by gold or gold ornaments as collateral, there is no requirement for credit scores. Even though people with lesser credit scores can get these types of loans.
Factors affecting Gold Loan interest Rate
Interest rates on gold loans are typically calculated as a percentage of the loan amount, and it varies depending on the lender, the loan amount, and the prevailing market conditions. The interest rate is usually calculated on an annual basis, but is often expressed as a monthly rate for ease of understanding.
The interest rate for a gold loan is based on several factors, including:
Loan amount:
The interest rate may be higher for larger amounts of loan from SBI, as the lender may perceive larger loans to be more risky.
Loan tenure:
Longer gold loan tenures may be associated with higher interest rates, as the lender is exposed to more risk over a longer period of time. It is recommended that the borrower repay the loan in bullet payments to avoid any increased burden.
Gold purity:
The purity of the gold used as collateral can also affect the interest rate. Lenders may offer lower interest rates for higher-purity gold, as it is considered to be more valuable and easier to sell.
Market conditions:
A gold loan calculator provides transparency in the loan calculation process, and helps you understand the various factors that influence the loan amount. This can help you make more informed decisions about your finances, and avoid any surprises or hidden costs later on.
Once the interest rate is determined, the interest is calculated by multiplying the loan amount by the interest rate and dividing it by the number of months in the loan tenure. For example, if the interest rate is 10% per annum and the loan tenure is 12 months, the monthly interest rate would be 0.83% (10%/12). If the loan amount is Rs. 1,00,000, the monthly interest would be Rs. 830 (1,00,000 x 0.83%/month).
CONCLUSION
The Rupeek Gold Loan Calculator is a calculator to calculate the amount of loan against gold jewellery, and the respective gold loan EMI and interest rate. You can calculate effortlessly by feeding in the weight and purity of gold. With a given amount of loan and interest rate, it provides the EMI with an assumption of 6 months tenure. Rupeek provides gold loans at rates of interest at 0.8% per month and disbursements in 30 minutes. The gold is completely insured and kept in bank lockers, hence secure for the tenure of the loan. The procedure is fast with minimal paperwork, allowing easy repayment to the borrowers, including repayment online.
The gold loan EMI is arrived at using a standard formula with the loan amount, rate of interest, and the tenure in mind. The calculator also provides accurate estimates and helps in comparing the offers of various lenders so it is easy to keep a tab over your finances. Gold loans are generally most attractive with the low rate of interest, high Loan-to-Value ratio of 75%, and no prepayment penalty. This loan requires no credit score and thus becomes more accessible to a big pool of individuals. Interest rate is set in reference to variables such as loan size, tenure, gold purity, and prevailing market conditions with higher loans or longer tenures typically incurring higher rates.