When unexpected expenses or financial emergencies arise, loans can offer a practical solution. However, unsecured loans often come with high interest rates. Luckily, there is a smart alternative right in front of you: pledging your gold jewellery.
Gold loans are easily accessible, with the loan amount typically based on the value of the gold jewellery you use as collateral. To make informed borrowing decisions, it is crucial to understand the loan terms and payment obligations. That is where a gold loan calculator comes in handy. You can use the free online gold loan calculator offered by Bajaj Finance to help you plan your loan effectively.
Here's how using a gold loan calculator can help you plan your financial journey better.
Calculate the loan amount
By using an online gold loan calculator, you can determine the loan amount you are eligible for based on the value of your gold. The calculator considers the current market value of gold and loan-to-value (LTV) ratio to determine your eligibility.
Plan your repayment
With an online gold loan calculator, you can calculate your monthly payments for the gold loan. By considering the loan amount, tenure, and gold loan interest rate, the calculator provides an accurate estimate. Also, adjusting the repayment options allows you to find the most suitable plan based on your income and ability to pay back the loan
Transparency in interest rates
Gold loan calculators also provide transparency in terms of interest rates. By entering the loan amount and repayment tenure, the calculator displays the applicable interest rate. This helps you understand the cost of borrowing and evaluate the affordability of the loan. With this information, you can compare different lenders and choose the one that offers the most favourable interest rate. This helps in saving money on interest payments and reducing the overall cost of borrowing.
Time-saving and convenient
Calculating the loan amount, interest rate, and repayment tenure manually can be time-consuming and complex. A gold loan calculator simplifies the process by providing instant results within seconds. You can access the calculator online from the comfort of your home or office, making it a convenient tool for evaluating your gold loan options without the need to visit multiple lenders.
Using a gold loan calculator is simple:
Step 1: Visit the Bajaj Finance website and navigate to the gold loan page
Step 2: Locate the gold loan calculator
Step 3: Choose the desired loan amount or enter the weight of your gold.
Step 4: Select your preferred repayment tenure
The gold loan calculator will provide the interest due on the principal amount based on your input. You can adjust the repayment option based on your repayment capacity.
If you are seeking a gold loan to manage any planned or unplanned expenses, consider the online gold loan offered by Bajaj Finance. With loan amounts starting as low as Rs. 5,000, free insurance of gold, multiple part-prepayment options, and a part-release facility, you can utilise the gold lying idle at home to obtain the funds you need. Visit the Bajaj Finserv website for further details.
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