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Gold Loan EMI Calculator
EMI
Flat Rate
Reducing Balance
Bullet Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
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Share
EMI
25000
Interest
500000
Principal
1000000
Total
1500000
500 K
(5 Lac)
5
Year
1,000,000
391 K
(3 Lac)
Year
Original
Reduced
𝒊
25000
will be
EMI
for
1000000
(1 m/10 Lac)
Loan Amount
for
5
Year
Loan Tenure
at
10.00%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(10 K)
(20 K)
(30 K)
(40 K)
(50 K)
(60 K)
(70 K)
(80 K)
(90 K)
(100 K)
in
0
1
2
3
4
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
5 year
500000
Reduced
3 year
11 months
391667
Saved
1 year
1 month
108333
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
409 K
(4 Lac)
306 K
(3 Lac)
204 K
(2 Lac)
102 K
(1 Lac)
0
-
-
-
-
-
2024
2026
2028
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Gold Loan EMI
A Gold Loan EMI Calculator is an easy-to-use tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and tenure. This tool allows you to see how adjustments to the loan amount, tenure, or interest rate can impact your EMI, helping you plan your budget more effectively. It also assists in comparing different loan options and repayment plans, making it easier to manage your gold loan and ensure it fits within your financial goals.
Calculate Gold Loan EMI
To calculate gold loan EMI enter loan details including loan amount, interest rate, tenure and choose months or years.
Click Calculate to view your initial loan breakdown.
Customize payment options with three inputs.
Select a number of extra EMIs per year.
Increase EMIs by a percentage.
Select lump sum payment in a specific year.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
Eligibility Criteria for Gold Loan EMI
Ownership of Gold:
Applicants must own gold assets such as jewelry, coins, or bars that can be pledged as collateral for the loan.
Age:
Borrowers typically need to be at least 18 years old, although some lenders may have higher age requirements.
Documentation:
Valid identification and proof of ownership are required for loan processing.
Loan-to-Value Ratio:
Lenders usually provide loans up to a certain percentage of the gold's appraised value, known as the loan-to-value ratio. This ensures that the collateral sufficiently covers the loan amount, affecting the gold loan EMI calculation.
Gold Loan EMI Calculator FAQ
How can I reduce my Gold Loan EMI?
You can reduce your Gold Loan EMI by using the following methods that are making extra EMI payments, paying lump-sum amounts, or increasing your EMI amount each year. These options can help lower your overall interest and shorten the loan tenure.
What are the benefits of using a Gold Loan EMI Calculator?
Using a gold loan EMI calculator helps you plan your finances by providing a clear estimate of your monthly payments. It also allows you to explore different loan options, adjust parameters like tenure or interest rates, and understand how these adjustments impact your overall repayment.
What documents are needed to apply for a gold loan?
To apply for a gold loan, you generally need to provide identification documents such as a government-issued ID or passport. Additionally, you must have gold assets, like jewelry, coins, or bars, which will be used as collateral for the loan. The specific requirements may vary depending on the lender.
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How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
500000
1 Extra EMI/ year
5 year
▶ 0 year
458333
▶ 41667
2 Extra EMI/ year
5 year
▶ 0 year
408333
▶ 91667
3 Extra EMI/ year
4 year
▶ 1 year
391667
▶ 108333
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
500000
Increase EMI by 1%
5 year
▶ 0 year
491667
▶ 8333
Increase EMI by 3%
5 year
▶ 0 year
466667
▶ 33333
Increase EMI by 5%
5 year
▶ 0 year
441667
▶ 58333
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
500000
Pay 10% in 2nd year
5 year
▶ 0 year
458333
▶ 41667
Pay 20% in 3rd year
5 year
▶ 0 year
408333
▶ 91667
Pay 30% in 4th year
4 year
▶ 1 year
400000
▶ 100000
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
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