Gold Loan Interest Calculation Process

The gold loan interest payable can be evaluated by deducting the principal amount from the total amount to be repaid. Thus, individuals can easily calculate the amount that needs to be paid by the end of the repayment tenor.

Therefore, individuals can ease the EMI and interest payment with an affordable lowest gold loan interest rate in India.

Additionally, borrowers can also use the gold loan EMI calculator to input the preferred loan amount, interest rate, and repayment tenor. Submitting these details, individuals can determine the monthly installment and interest amount that needs to be paid throughout the tenor. Borrowers can adjust these figures as per their convenience until they reach the suitable EMI amount that fits their budget.

Above all, borrowers also need to meet eligibility parameters and produce certain documents. In addition, borrowers must note that the maximum amount they can avail depends on the loan to value ratio (LTV). Now, the RBI has fixed a cap of 90% on the LTV for gold loans. Since a gold loan is a secured advance, borrowers can avail of a substantial fund against this liquid asset.