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In a country like India, gold is considered one of the best things to invest in due to its high appreciation value. Other than this, it is also one of the most liquid assets one can own. Whenever you are in urgent need of funds, you can easily pledge your assets and avail a gold loan within no time. Once the loan is repaid, those assets can be claimed back. Given the huge popularity of this financing option, a number of lending institutions are offering gold loans at the most competitive interest rates. Now the question comes: how do you determine if a particular gold loan is suitable for you or not? The answer to this commonly asked question is by using a gold loan calculator.
A gold loan calculator is a digital tool designed to determine loan eligibility in two ways when the loan amount is known and another to check for loan amount via ornament details.
In India, a gold loan calculator helps you gauge the amount you are eligible for against the gold assets you are going to pledge. You have to enter information like the number of gold ornaments with their weight, type, and purity. It uses factors like the current market rate of gold and the average rate of interest rate for calculation.
By utilizing the gold loan calculator and considering the applicable monthly interest, here are a few major benefits of using an online gold loan calculator:
Here are the key features of online gold loan calculators:
At Muthoot Finance Loan at Home, using a gold loan calculator there are two different options. Each one of them works in a different way, depending on the type of information you are providing. Using different options of the gold loan calculator you can easily determine the best option for you.
In this gold loan calculator, you can enter the amount you want to avail and choose the purity of the assets you want to avail. It gives you the option of calculating the amount of gold you would need to get the loan amount you require.
This gold loan calculator allows you to perform the calculation by using the details of your gold assets, such as weight, purity, etc. Once you enter all the details, it will give you an approximate amount that you can get by pledging those gold ornaments.
In both options, once the application form is submitted, you will get a call to schedule a home visit.
Here are the steps for calculating the eligibility using the Muthoot Finance gold loan calculator:
The gold loan calculator helps you calculate the loan amount you can borrow against your gold. This calculation is performed by taking several factors into consideration, such as loan amount, weight and purity of gold, etc. However, like any other digital tool, these calculators also have certain limitations. As a result, the actual sanctioned loan amount or applicable rate of interest can slightly vary. The simple reason behind this is that this estimate is given solely on the basis of gold value, while a loan gets approved after taking several factors into account, like stone weight and active scheme.
The Loan at Home service by Muthoot Finance offers several benefits with a hassle-free and quick gold loan. With our loan-at-home facility, you can also avail a gold loan without having to step out of your house. You can apply online and get your loan sanctioned in no time. Register for a home visit today.