Gold loan is referred to as a loan against gold that a borrower takes from a lender in lieu of gold ornaments. The process of gold loan varies from one lender to another lender. The gold loan idea is simple: you pledge your gold ornaments and get the loan amount in lieu. The lender checks the gold purity and determines its weight on the basis of which it evaluates its market value. Once the value of gold is evaluated, the documents for the gold loan are verified. And once the lender seems promising, they approve your loan.
Nowadays gold loans can also be applied online. To avail the facility of gold loan you have to visit your lender at least once. But I have found a website rupeek.com in which their executives will visit you and explain your schemes and processes. The features of rupeek are amazing as they try to satisfy their customers at the best level and make each and every process very easy and simple. So, in future whenever you need money quickly, you can easily apply for a gold loan and get the capital disbursed in your bank account anytime, anywhere in a few minutes. There are so many advantages of gold loans as they are fully secure so the process of gold loan is fast and it does not even require credit score for approval of loan. You can easily calculate the interest of your gold loan online. There is a tool available to calculate your gold on interest called gold loan EMI calculator. Gold loan emi calculator, calculates the estimated amount and interest you need to pay during the tenure of loan. To use the calculator, you only need to enter the loan amount, rate of interest, loan tenure, and the EMI will be calculated. There are 3 steps to calculate the interest rate of gold loan: –
Step 1- First you need to enter the principal loan amount required. You should always check the minimum and maximum loan amount offered by the lender before entering the loan amount. The minimum amount can be lower for rural areas.
Step 2- Then you need to enter your preferred loan repayment tenure. Most banks offer minimum and maximum loan repayment periods of 6 months to 24 months respectively.
Step 3- Lastly you need to enter your preferred interest rate. Enter the interest amount offered by your bank and click on the enter to calculate the EMI payable against the loan. You can then apply for the gold loan.
For gold loan, rupeek is without a doubt the best app for gold loan. Rupeek offers so much in so little time with easy monitoring and payment options. You can choose schemes from various schemes according to your requirement, different schemes have different needs to suit all income groups to help in their urgent financial emergency. The best part of a gold loan is that anybody who possesses gold can obtain it. Every time the same interest rate calculating method is followed to determine the loan amount against your gold.