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Gold loans are provided to customers looking for immediate liquidity by pledging their gold and related jewelleries and ornaments against a fixed amount. This amount can be repaid in flexible forms such as EMIs or bulk payments. The loans are offered by major private and public sector financial institutions in India. Gold loans are a great means to get liquidity in a hassle-free manner.
Gold loan calculators are available from some of the providers with a significant online presence. These calculators are simple tools that allow you to make permutations regarding the loan amount, repayment tenure or interest rates. The calculator allows you to get a perspective on the actual financials of your transactions.
A general gold loan calculator will have the following fields:
All you need to do is enter the relevant information and click on submit. You will be shown the monthly repayment amount that you have to give as well as the break-up of principal and interest amounts.