Top 5 reasons to use a gold loan calculator before taking a gold loan

10 Oct 2024|

1 min read |

by ICICI Securities Team

If you plan to take gold loan, the must-do thing is to use a gold loan calculator. Gold loan calculator can help you in multiple ways.

Here are a five reasons to use a gold loan calculator before taking a gold loan:

Loan Estimate:

The first thing, you may want to know is how much loan you can get. A gold loan calculatorprovides an accurate estimate of the loan amount you are eligible for based on the weight and purity of your gold. It allows you to know the maximum loan amount beforehand, preventing over or under-borrowing.

Interest Cost Planning:

Another crucial parameter is the interest that you need to pay on your loan amount. By entering different loan amounts, interest rates, and tenures, the calculator shows the total interest payable over the loan period. The knowledge will help you select a loan amount and tenure that minimizes interest costs and fits your budget.

Repayment Planning:

The calculator helps you calculate your EMI (Equated Monthly Installment) or bullet repayment amount. Knowing your monthly or end-of-tenure payment in advance allows you to plan your finances efficiently and ensure timely repayments without stressing your cash flow.

Compare Offers from Multiple Lenders:

You don't need to visit every lender office or call them to know the deal on offer. Gold loan calculators enable you to input different interest rates and tenures from various lenders to compare offers side by side. You can choose the lender offering the best deal in terms of loan amount, interest rate, and tenure, ensuring you get the best possible terms.

Evaluate Prepayment Options:

Some calculators show the impact of prepayment or early closure on interest savings. If the calculator you are using has it feature, it helps you determine if making an early payment is worth it and how much you could save in interest, ensuring more informed financial decisions.

Conclusion

By using a gold loan calculator, you gain clarity on the amount, interest, repayment schedule, and possible savings, which helps you make well-informed borrowing decisions.

Disclaimer

ICICI Securities Limited has its registered office at ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India, Tel No:- 022 - 2288 2460, 022 - 2288 2470. The non-broking products / services like iLearn and Financial Learning are not exchange traded products / services and ICICI Securities Ltd. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism. iLearn is not an exchange traded product/service of ICICI Securities Ltd. All disputes with respect to the activity on the platform would not have access to Exchange investor redressal or Arbitration mechanism.

ICICI Securities Ltd. is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. ICICI Securities Ltd. is a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990. Name of the Compliance officer (broking): Mr. Atul Agrawal, Contact number: 022-69997051, E-mail address: complianceofficer@icicisecurities.com Investments in securities markets are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. ICICI Securities Ltd. and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Such representations are not indicative of future results. The securities quoted are exemplary and are not recommendatory. AMFI Regn. No.: ARN-0845. PFRDA registration numbers: POP no -05092018. ICICI Securities Ltd. acts as a Composite Corporate agent having registration number -CA0113. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Please note, Mutual Fund, Corporate Fixed Deposits, Bonds, Alternate investment funds, Tax planning, Succession planning, NPS, IPO, Investment Advisory and Loans related services are not Exchange traded products and ICICI Securities Ltd. is acting as a distributor to solicit these products. Please note, Insurance related services are not Exchange traded products and ICICI Securities Ltd. is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The non-broking products / services like Research, etc. are not exchange traded products / services and all disputes with respect to such activities would not have access to Exchange investor redressal or Arbitration mechanism. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.

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