Gone are all the days when people merely trusted Fixed and recurring deposits as the only way to invest money. Now, the people are learning to trespass the so-called convention and finding a new footing in the realm of gold ornaments. Keeping the intense demand and value of gold in observation, people from various backgrounds have come forward and started investing in the same. However, the benefit of this ornament is not only limited to getting a good ROI but also being eligible for a gold loan as well. Recently many lending organizations have produced another interesting concept to borrow funds on gold jewelry. Online tools like the hdfc gold loan calculator allow an individual to make a prior analysis of the lending amount and plan accordingly.
Let’s understand the gold loan calculator and the advantages of its usage.
What is a gold loan calculator?
Like any other asset, EMI or Equated monthly installments against gold explicate the repayment amount that a borrower must pay for the loaned-out funds. The EMI amount is a consolidation of the principal and interest rate. Therefore, repayment installment remains constant throughout the tenure. A loan against gold gives various unemployed and employed individuals the to fulfill their monetary requirements. A gold loan interest rate calculator is an incredible online tool utilized for various potential borrowers to analyze the repayment amount and then plan the financial aspect appropriately.
The virtual tool asks the user to input some basic information and outputs the approximate value to repay back in the given timeframe. Prospective borrowers can perform the below-given steps after opening the hdfc gold loan interest calculator.
- After opening the gold loan calculator, the first thing you must do is enter the requested amount. Lenders commonly disburse up to 75% of the value of the ornament.
- The tool will prompt you to enter several other details such as the gold weight, purity (in karats), and applicable rate of interest.
- Lastly, when you calculate the information, you will be presented with some approximate repayment amount on the screen. One positive aspect of opting for a gold loan is that, unlike other borrowing aspects, the debtor can repay the funds either in monthly installments or part payments. This process gives complete flexibility and easiness to pay back the expected amount of lending organizations.
Benefits of online loan calculator
Nowadays, prospective borrowers surf the internet to conclude their decision of borrowing funds against their gold possessions. However, giving the necessary details is not sufficient. Hence, a gold loan interest rate calculator lets them play with the numbers and decide the quantity of jewelry to keep as a surety while sanctioning the loan. Comprehend the following less-known benefits of utilizing a gold loan calculator.
Sometimes even after manually calculating the repayment amount through complex formulas, the borrowers don’t come up with instant results. In fact, they lose a lot of precious time during the process. A virtual calculator is a perfect tool that is accessible for free to get instant and accurate results. Therefore, the borrowers can conclude the decision of taking the gold loan more quickly. One can easily access the loan calculator on the lending organization’s website or on search engines.
Unlike other online complex tools, the gold loan calculator is easy to use. Simply enter the requested details and calculated the borrowed amount in no time. The tool prompts the user to ask for basic details like principal amount, golf weight, interest rate, purity, etc. Various lending associations have the online loan calculator integrated into their website to retain potential borrowers. Even before visiting the banks, they can conveniently make the required assumptions and analyses.
Useful Financial managing tool
Without any doubt, hdfc gold loan calculator is a useful managing tool that allows potential borrowers to make the calculations and decide for themselves. Instead of running to the banks to come to sort the calculations, they are easily able to do it at home with just a few clicks. The accurate and instant results help the borrower make appropriate comparisons. Therefore, a loan calculator is an efficient fund management tool.
Mentioned above are some detailed information and advantages of the loan calculator. Therefore, make use of this incredible virtual calculator to make the required calculations.
Frequently Asked Questions
- Can I pay the gold loan EMI beforehand?
Definitely, you can make the part-payments against the borrowed amount in gold loans. The debtors can utilize an online calculator to determine the interest and total charges incurred while prepaying the amount.
- Are there any extra charges for loan foreclosure?
There are hidden charges for the process of foreclosure. However, it depends on the banks and other lending firms as sometimes they charge a small amount for prepaying at once.