Gold Loan Interest Rate Calculator

India is a cultural value attached to gold. This makes India one of the world's largest consumers of gold. In an interview, the managing director of the World Gold Council had revealed that Indian households had accumulated around 25,000 tonnes of gold. Thus, many consumers look at gold loans as a possible option to cope up with their financial requirements and needs. The gold loans interest rate availed by pledging gold is comparably lowest among all other loans.

Gold loan is a secured and profitable option for consumers possessing gold reserves. These loans are provided by the banks and the Non-banking Financial Companies (NBFCs) for letting the consumers meet their immediate financial requirements. For instance, The ICICI gold loan interest rate starts basic to higher-end.

The process to apply for a gold loan is very simple. You can either apply online by visiting the lending companies website. Another way is taking gold and going to NBC. One should check whether the gold price in the current market is low compared to others and shall apply for a gold loan according to that.

The maximum tenure of a gold loan? 

Gold loans are generally short tenure loans. They generally have a maximum tenure of a year or two. But the period varies from banks to banks. But, in the case of long-term gold loans, they can be of tenure of 2 years in which the outstanding amount can be paid through EMIs. In the case of short-term loans, it can be 2-3 months which the outstanding amount can be paid in a single payment. 

Gold loan interest rate calculator

You can calculate your interest rate for a gold loan very easily. All you should know is the loan amount, the percentage rate of interest, and the tenure. It is advisable to use the online Interest rate calculator available, as manual calculations might be wrong sometimes.  The gold loan interest rate calculation is quite tough and difficult. 

If the interest rate is low compared to other banks it is very beneficial for long-term loans. Using an online interest rate calculator would be a piece of cake to calculate the interest rates.

Also Read This-Five Benefits Of Gold Loan