Kotak Mahindra
Gold Loan Calculator
A Kotak Mahindra Gold loan calculator is a tool used to estimate the amount of money that can be borrowed against gold jewellery or ornaments. Also find out Gold Loan EMI with the help of this gold loan calculator.
STEP 1
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How to use a
Kotak Mahindra Gold Loan EMI Calculator?
Using a Kotak Mahindra gold loan EMI calculator is a simple and straightforward process. Here are the steps to use a gold loan EMI calculator:
1. Enter the loan amount that you wish to borrow from the lender.
2. Select the Purity of Gold.
Click on the "Calculate" button.
Based on the Rate of interest of Kotak Mahindra EMI’s will be displayed assuming the duration to be of 6 months, the calculator will instantly display the monthly EMI amount that you will need to pay for your gold loan
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You will receive a call from our Relationship Manager
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Get gold loan in 3 easy steps
STEP 1
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.
STEP 2
Get money in 30 mins
Our relationship manager will contact you to verify your requirements and schedule an appointment to process your gold loan application.
STEP 3
Gold stored in bank vaults
Your gold is 100% insured and indiagold's responsibility. You can close your loan or pay your EMI directly from the indiagold app.
How is Gold Loan EMI Calculated?
The EMI for a gold loan is calculated using a formula that takes into account the loan amount, loan tenure, and interest rate. The formula for EMI calculation is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Loan amount
R = Monthly interest rate
N = Loan tenure in months
Here is an example to help you understand how the EMI is calculated:
Suppose you borrow Rs. 1,00,000 at an interest rate of 12% for a loan tenure of 12 months. Using the formula, the EMI for this loan would be calculated as follows:
EMI = [1,00,000 x 0.01 x (1+0.01)^12]/ [(1+0.01)^12-1]
EMI = Rs. 8,885.87
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Benefits of Gold Loan Calculator
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. It saves time and effort that would be spent on manual calculations.
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.
Financial planning: A gold loan calculator can help you plan your finances better by providing an estimate of the amount you can borrow against your gold jewelry or ornaments. This can help you 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
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.
Lesser processing fees:
The processing fees of gold loans is very less.
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
Gold loan interest is 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:
The interest rate for a gold loan is based on several factors, including:
Loan amount: The interest rate may be higher for larger loan amounts, as the lender may perceive larger loans to be more risky.
Loan tenure: Longer loan tenures may be associated with higher interest rates, as the lender is exposed to more risk over a longer period of time.
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).