What is a Gold Loan?
A gold loan is an easy financial instrument that allows borrowers to pledge their gold as collateral in return for a loan. These loans come with comfortable tenures and flexible repayment options. Muthoot FinCorp safeguards the pledged gold and hands it over to the borrower when the loan amount is paid in full.
A gold loan is secured and offered for short to medium-term loan duration. Applicants can check their expected gold loan EMIs using a Gold Loan EMI Calculator. This useful tool helps borrowers plan their loan and monthly budgeting with ease and accuracy.
What is the Gold Loan EMI Calculator?
Gold Loan EMI Calculator is an online calculation tool to help borrowers calculate their EMI and choose a suitable scheme for their gold loan. This EMI calculator helps the applicant in finding the estimated value of interest and the total cost they need to pay for the gold loan.
The calculator presents an amortization schedule that provides a detailed breakdown of EMIs, interest, and the principal amount payable throughout the loan tenure chosen.
How to Use the Gold Loan EMI Calculator?
The calculator is free, available 24×7, and easy to use. Follow the simple steps to find below:
Step I: Visit the https://www.muthootfincorp.com/gold-loan-calculator/
Step II: Enter the required input data. This includes the weight of gold to be pledged in grams, loan amount, tenure, interest rate, and interest payment frequency (ex: monthly/bi-monthly/quarterly/semi-annually/annually)
Step III: Click on “Submit” or “Calculate”.
Step IV: The calculator will automatically calculate the gold loan EMIs based on the data and display the results instantly. It will also show other loan components as part of the amortization schedule.
Benefits of Gold Loan EMI Calculator
Gold loan applicants can derive the following benefits using the Gold EMI Calculator.
Quick EMI Calculation:
When the applicants input the required data, the calculator gives the results of the EMI calculation and other gold loan components within seconds.
The calculator provides fairly accurate results for EMIs and total payable interest on the gold loan. In the absence of a calculator, it would be challenging to perform correct manual calculations with much room for error.
Ease of Use:
The calculator has been designed for the ease of use of all applicants with a user-intuitive interface. Borrowers can easily navigate through the various steps to use the EMI calculator and get results instantly.
Helps in Financial Planning:
The best use of the EMI calculator is to help in planning the gold loan EMIs along with other monthly expenses. Borrowers get an estimate of the EMIs based on the loan value, interest rates, and the repayment term to plan their monthly budget accordingly.
Compare & Analyse:
Borrowers can use the Gold Loan EMI Calculator to give different sets of EMI data for different input values of the loan amount, tenures, and interest rates. This can help the applicants compare different loan parameters and then analyze which option would be best.
Features of Gold Loan EMI Calculator?
- Free, available 24×7, and easy to use.
- No chances of tedious and error-prone calculations
- The latest gold prices are taken into account while calculating the EMIs.
- Borrowers can plan their monthly budget to make timely payments of their gold loan by knowing the loan EMI payable beforehand.
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Gold loans are popular means of availing medium to short-term funds as per need. Applicants can easily apply for gold loans and choose from a wide variety of gold loan schemes offered by Muthoot FinCorp. Visit our website to calculate your EMI and call us at 1800 102 1616 to speak to our gold loan representative.