• Latest
  • Trending
goldloaninterest

How To Use A Gold Loan Emi Calculator For Increased Savings

April 20, 2020
Know The Benefits Of The Antidandruff Shampoo Before You Use!

Know The Benefits Of The Antidandruff Shampoo Before You Use!

December 1, 2020

Protecting Your Investments in This Uncertain Economic Climate

November 25, 2020
How We Can Reduce Home Loan Tenure To Save More

How We Can Reduce Home Loan Tenure To Save More

November 24, 2020
Get ready to calculate tax in a busy session

Could You Buy Cheap Taxi Insurance Online?

November 20, 2020

How Easy Is Purchasing Thermal Wear Online?

November 10, 2020
Festive Gifting Mistakes People Usually Make

7 Unbelievable Diwali Surprises for your Dearest Sibling

November 9, 2020
Get ready to calculate tax in a busy session

Get ready to calculate tax in a busy session

October 27, 2020
Sound Mind, Sound Body: Healthy Juice Ideas for Stressed Out Traders

Sound Mind, Sound Body: Healthy Juice Ideas for Stressed Out Traders

October 26, 2020
Top Most Sublime Flowers Found In India

Top Most Sublime Flowers Found In India

October 26, 2020
sisal rugs

Sisal Rugs- What is So Great about Them?

October 22, 2020
Which Trading Instrument is more Profitable?

Which Trading Instrument is more Profitable?

October 20, 2020
diwali gifts

Festive Gifting Mistakes People Usually Make

October 15, 2020
540-CLUB
Sunday, March 7, 2021
Contact Us
Write For Us
  • Home
  • Business
  • Lifestyle
  • Education
  • Technology
  • Health
  • Digital Marketing
No Result
View All Result
540 Club
No Result
View All Result

How To Use A Gold Loan Emi Calculator For Increased Savings

by rashid
April 20, 2020
in Finance
0

Unsurprisingly, India has been ranked as one of the largest consumers of gold in the world and possesses stock estimated to be a whopping 23,000 tones. Due to tumultuous economic conditions across the globe, gold prices have experienced an uptick in the recent past.

The increase in gold prices also seems to have rubbed off on the gold loan market. It is estimated that the gold loan market in India would be more than 3 lakh crore in 2020.

YOU MAY ALSO LIKE

How We Can Reduce Home Loan Tenure To Save More

Could You Buy Cheap Taxi Insurance Online?

Those who need funds urgently and happen to own surplus gold can rely on gold loans. Gold is used as collateral while availing a gold loan. Gold loan is an easy way to get cash for gold. It is fast and requires very little paperwork. There are multiple gold loan lenders available in the current market lending loans on different terms and conditions. Choosing the right gold loan scheme can save a lot of your money. Let us look at how you can use a gold loan interest and EMI calculator to select the best scheme available in the market.

Guide to use a gold loan EMI calculator

Not everyone has the skill and knowledge to calculate the gold loan interest and EMI using a paper and a pen. Gold loan interest calculator has made the job of calculating interest and EMI quite simple. All you need to do is fill in the appropriate details and press on calculate to get the results in no time. A gold loan EMI calculator can be used by adopting these five simple steps.

  1. Compare numerous options 

Look for websites which show a direct comparison between interest rates on gold loans offered by multiple gold loan lenders. This will help you shortlist the best out of prolific options available in the market.

  1. Select the one with the lowest interest rate

Out of all the multiple options that you see in the table, pick the one that best suits your requirements and copy its interest rate in the gold loan interest calculator.

  1. Select the loan amount

Select the exact gold loan amount that you need to fulfil your financial needs. Opting for more than required might lead to greater interests. Hence, choosing the right gold loan amount is important. Enter the gold loan amount in the gold loan interest calculator.

  1. Fix the gold loan tenure

Assess your financial capability to repay the loan. Longer gold loan tenure will decrease the equated monthly instalment but increase the overall interest. Hence enter the gold loan tenure only after making a calculated decision.

  1. Final step

Once you are done filling all the necessary details in the gold loan EMI calculator, click on the calculate button to get the precise value of interest and equated monthly instalment that you are supposed to pay.

Doing this will help you perceive whether or not you will be able to pay equated monthly instalments without overburdening yourself.

How using a gold loan EMI calculator helps you enhance savings?

Using the gold loan EMI and interest calculator wisely can help you increase your savings. There are a few principles which if followed can help you increase your overall savings.

  • Gold loan EMI calculator and gold loan interest calculator gives you a lucid idea of how much money you need to spend from your monthly budget for paying the EMIs. This will help you make sure that you are not overburdened by the equated monthly instalment amount.
  • Gold loan interest calculators can help you figure out the best gold loan scheme by providing an accurate figure of the interest that you need to pay in each of them. In this way, you can opt for the gold scheme that asks you for the lowest interest hence, increasing your savings.
  • Long term loans might help lower the equated monthly instalment value but will increase your overall interest. Hence, use both gold loan EMI calculator and gold loan interest calculator to figure out the best gold loan scheme for you. Look for a gold loan scheme whose equated monthly instalment does not overburden you and is repaid as fast as possible to avoid paying more interest hence, enhancing your overall savings.
ShareTweet

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Recent News

Know The Benefits Of The Antidandruff Shampoo Before You Use!

Know The Benefits Of The Antidandruff Shampoo Before You Use!

December 1, 2020

Protecting Your Investments in This Uncertain Economic Climate

November 25, 2020
How We Can Reduce Home Loan Tenure To Save More

How We Can Reduce Home Loan Tenure To Save More

November 24, 2020

540-club keeps you updated with the latest news. Stay connected with the latest happenings from around the world.

Recent News

  • Know The Benefits Of The Antidandruff Shampoo Before You Use!
  • Protecting Your Investments in This Uncertain Economic Climate
  • How We Can Reduce Home Loan Tenure To Save More

Site Map

  • Home
  • Business
  • Lifestyle
  • Education
  • Technology
  • Health
  • Digital Marketing
  • Write For Us
  • Privacy & Policy
  • Contact Us

© 2020 540-CLUB All Rights Reserved.

No Result
View All Result
  • Home
  • Business
  • Lifestyle
  • Education
  • Technology
  • Health
  • Digital Marketing

© 2020 540-CLUB All Rights Reserved.