A gold loan in India is a common loan many people prefer to get due to its ease of processing. People who wish to go for a gold loan pledge their gold for money. Many financial companies and banks offer gold loans for various interest rates. HDFC gold loan interest is competitive, quick processing, convenient, and is safe.
If you are looking for a gold loan, check its interest using the gold loan calculator as it gives you an exact picture of the interest that you should pay. You can find a gold loan interest rate calculator with every bank that provides gold loans.
You can fulfil your financial requirement with feasible HDFC gold loan interest and you will get the loan in about 45 mins. Gold loans are a definite solution for your e requirement at any point in life. All you need to have is gold to get the loan.
Gold is a valuable asset and it comes with stability which with less documentation and a quick process.
How to get a loan from gold?
Many banks and non-financial companies in India provide gold loans. People can utilize this facility, however, the process to get a gold loan differs from lenders. While the idea of a gold loan is the same, where the person needs to pledge their gold items to get the loan amount.
You have to carry the required documents. After you apply for a gold loan, the lender checks the gold purity and then checks its weight. Based on the findings, the amount will be sanctioned.
Most of the time, you can get a gold loan of up to about 80% of the total pledged gold. Once the lender checks the gold, the lender verifies the document. Once everything is fine, the lender approves the loan, and you get the amount immediately.
You can apply for a gold loan online using the banks or financial companies websites. However, this requires even a visit to the lender to deposit the gold items.
What is a gold loan calculator?
A gold loan calculator is a free online tool to allow you to get a better knowledge of the amount you need to pay as part of your loan. There are various fields for you to enter information like gold items weight, loan amount, gold carat, tenor, interest rate, and payment method. Once you enter these fields, you will know of the monthly instalment payments.
How to calculate the HDFC gold loan?
More and more people go for gold investment every year, even though the prices fluctuate. Such investments are worthwhile when you go for a gold loan to meet your financial requirements.
If you are taking a gold loan, be aware to calculate the amount for the gold loan. Using gold loan interest rate calculator, you can calculate the gold loan.
Use the EMI calculator to calculate the loan cost. Use an online tool like for gold loan EMI calculator. This calculator comes free online and is available on the bank’s website.
It helps to calculate the monthly EMI payable for your gold loan. Here are quick steps to calculate a gold loan using a gold loan calculator.
- First, enter the principal amount you require. Be sure to check the minimum and maximum loan amounts that the lender offers before you enter the amount. Every lender has a minimum gold loan amount.
- In the next step, enter the loan repayment period. Mostly, banks provide minimum and maximum loan repayment periods of about 6 to 24 months.
- The final step is to enter the interest rate that the bank provides. Click the submit button to calculate the EMI against the loan.
What are the benefits of using a gold loan calculator?
Using a gold loan interest rate calculator has the following benefits:
- Gold loan calculator provides faster calculation and delivers fast results. When you enter the values, it provides the EMI and other loan components. This will help you to decide and plan your finance.
- The manual calculation can lead to some human errors and it is time-consuming. Using a gold loan calculator, you get fast and accurate results.
- The gold loan calculator is easy to use with its easy interface. It has a designated place to enter values for various fields. You will get an immediate result after you enter the fields.
- Gold loan calculator is easy for financial planning. It provides various details about interest payments and EMIs before you apply for a loan. You can then decide whether the loan is feasible for you or not.
What are the eligibility criteria for gold loans?
Gold loan eligibility has a straightforward criterion and any Indian adult who has gold items can apply for it. You need not maintain any credit score for this loan. Lenders may check on the repayment capacity and involve some documentation before approving the gold loan.