Gold Loan Calculator
Buying gold is not an unaffordable dream anymore. (+)
- ₹ 1L
- ₹ 1Cr
- 1 Yr
- 7 Yr
- 7 %
- 17.5 %
- Interest Amount
- Principle Amount
- Monthly EMI
- ₹14,000
- Principle Amount
- ₹4,80,000
- Interest Amount
- ₹3,27,633
- Total Amount to Pay
- ₹8,07,633
Invest in Gold Sovereign Bonds and get constant returns.
| Year | Interest Paid | Principal Paid | Outstanding Loan Balance |
|---|
The gold Loan EMI Calculator is an online tool that helps you find out the equated monthly instalments – EMIs that you have to pay to the lender during the gold loan. gold loans can be availed at affordable interest rates with a repayment term of up to 8 years.
The main purpose of having a gold loan EMI calculator in India is to save time. The digital tool uses a standardized formula to calculate your EMI details and generate an accurate figure when you enter important data. Here are some ways that a gold finance calculator can help you:
● It is always accurate and never makes mistakes.
● It helps you plan your monthly budget and decide whether the EMI that has been calculated is affordable for you or not, considering your other loans, liabilities, and monthly expenses.
● It helps you to break down the amount that is payable into several items, including the amount borrowed, applicable gold loan interest rate, and processing fees.
The step-by-step procedure for using the EMI gold loan calculator offered by 5paisa is given below:
Step 1. You can browse the official website of 5paisa.com and find the gold finance calculator at the top of this page.
Step 2. You must select the loan amount, repayment term, gold loan interest rate, and administration fees.
Step 3. Click on 'Calculate'. You will immediately get your EMI along with the total amount you will be paying towards the loan. It also displays the year-by-year amortization schedule, which gives you insights into the deduction of principal amount and interest amount every year deduced from the EMIs that you pay annually.
The auto loan EMI calculator also shows the balance due at the end of each year.
The EMI for each type of loan is calculated using a formula. The formula is as follows:
E = P x R x (1+R)^n / {(1+R)^n – 1}
'E' stands for EMI you owe,
'P' stands for the Principal Amount - the loan amount that you have applied for,
'R' stands for the interest rate that applies to your car loan,
'n' stands for the duration of the car loan in months.
Frequently Asked Questions
You can opt for one of these:
● SI - Standing Orders on your bank account (any) that you have with the same bank that you have taken the loan from, wherein your monthly EMI will be deducted from that specified account.
● The NACH - National Automated Clearing House, also popularly known as ECS, is for people who don’t have a savings or current account in the same bank that has offered them the gold loan; in that case, NACH/ECS helps to deduct the EMI from their primary bank accounts, even it belongs to another bank.
● If you don't have an account, you can give the bank or the lender your post-dated checks to compensate for the upcoming EMIs of your gold loan.
Here are some of the advantages you get when working on the car loan calculator:
● It is easily accessible and super convenient to use
● It saves you from the manual calculations
● It provides fast and accurate results
● It is the safest way to access your financial information and give you the right result
● Helps you determine what your car loan EMI expenses will be
● It facilitates credit planning
Disclaimer: The calculator available on the 5paisa website is intended for informational purposes only and is designed to assist you in estimating potential investments. However, it is important to understand that this calculator should not be the sole basis for creating or implementing any investment strategy. View More..