A Gold EMI Calculator is an online tool that determines the possible amount to be repaid monthly that would be incurred against the loan amount. With the help of this tool, individuals can also get the breakup of the principal amount and interest amount that are to be repaid. To calculate EMI, individuals are required to enter the loan amount, loan tenure, and interest rate.
Using the Rupeek Gold Loan Calculator is a simple and straightforward process. An individual is required to follow these steps:
Step 1: Enter the loan amount that is to be borrowed from the lender.
Step 2: Choose the gold purity.
Step 3: Click the tab “Calculate”.
Step 4: Depending on the rate of interest, the amount of EMI will be displayed, presuming the loan tenure to be 6 months.
A Rupeek Gold Loan EMI Calculator uses a simple formula to calculate the amount of an EMI. The formula is represented as:
A = P x R x [(1+R)n / {(1+R)n – 1}],
Where “A” is the periodical EMI,
“P” is the principal loan amount,
“R” is the interest rate, and
“n” is for loan tenure.
The EMI amount can also be calculated manually, but the drawback is that it leaves room for errors and is, hence, not ideal. Using an online tool to calculate the EMI amount makes the entire process easier.
Partners of Rupeek
Rupeek offers online gold loans in 11 cities with interest rates all across India through the listed bank partners:
- ICICI Bank
- KarurVysya Bank
- Federal Bank
Features of Rupeek Gold Loan
Mentioned below are the features of Rupeek Gold Loan:
- It can be availed from anywhere, i.e. from the office or home or any other place.
- It reflects the highest value per gram.
- If regular repayments are made, the rebate will be provided to the borrowers.
- Get free insurance for all kinds of jewellery.
- Get an interest rate starting at 0.89% per month.
- Get a monthly or single repayment option.
- The gold pledged is secured in the bank locker at the partner bank near you.
Eligibility Criteria
Mentioned below are the eligibility parameters that are to be met in order to apply for a Rupeek Gold Loan:
- An applicant should be a citizen of India.
- The minimum age of an applicant should be 21 years.
- The maximum age of an applicant should be 65 years at the time of maturity of the loan.
- An applicant must own the gold items or ornaments of the purity recommended.
- There is no additional requirement to meet any minimum credit score.
Interest Rates
Mentioned below are the Rupeek Gold Loan Interest Rate:
| Interest Rates | 8.88% p.a. onwards |
| Associated Charges | Processing Fee: Nil Foreclosure Fee – Nil |
How to Use Gold Loan Calculator?
A gold loan calculator is an easy-to-use online tool that is easily accessible. Almost all lender banks provide an online EMI calculator on their official website, of which Rupeek is also not an exception. First, you should visit the online gold loan calculator page, after which any of the below-mentioned ways can be followed:
- To know the required Gold:
Step 1: On the calculator page, click the tab “Choose Required Loan Amount”.
Step 2: Provide the required loan amount, interest rate and loan tenure.
Step 3: The gold loan calculator will provide the required value of gold, total interest payable, and monthly interest amount.
- To know the required loan amount:
Step 1: Select the tab “Choose available Gold Weight”.
Step 2: Provide the weight of gold in grams you possess, along with its purity in Karats.
Step 3: Enter the rate of interest and tenure that suits you.
Step 4: The online calculator will then provide you with the amount of the loan that can be raised against pledged gold, along with the interest amount.
Step 5: Click on “Apply Now”.
Factors Affecting Rupeek Gold Loan Interest Rates
Mentioned below are the factors affecting the Rupeek Gold Loan Interest Rate:
- Loan Amount:
The loan amount helps determine the gold loan interest rate. Rupeek provides up to 75% of the total value of the gold that is pledged. The loan amount and repayment tenure are also considered to determine the interest rate applicable to the gold loan.
- Gold Value:
The market value of gold directly affects the gold ornaments that are pledged as collateral. The higher the purity of gold, the more valuable the metal in your gold asset, and the lower the interest rate.
- Market Conditions:
Changes in market demand affect the cost of the gold loan and interest rates. If the price of gold is high, the lender’s risk is low; on the contrary, if the price of gold is low, the lender’s risk increases, and the interest rate will increase further.
- Repayment Frequency:
As per the requirement, one can choose to repay the loan monthly, quarterly, or yearly. The rate of interest would depend on the loan tenure.
- Interest Rate:
The higher the interest rate, the more interest will be, and thus, the monthly repayment amount will increase. Hence, the rate of interest directly affects the amount to be repaid.
Advantages of Gold Loan Calculator
Mentioned below are the advantages of a Gold Loan Calculator:
- Quick: Doing mathematical calculations manually to calculate the amount of EMI can take a lot of time. On the other hand, an online EMI calculator provides speedy and quicker results, saving time and effort.
- Accuracy: As we know, manual calculations are time-consuming, hence leaving a scope for errors. Due to the precise calculations involved, one should opt for an online calculator to view accurate results.
- User-Friendly: The online calculator is a user-friendly and easy-to-use tool. Entering loan details like principal amount, interest rate, and loan tenure will yield the desired results.
- Effective Financial Management: It also helps prospective buyers estimate the EMI amount to be paid so that they can plan the repayment accordingly. This further helps in efficient financial management, which reduces the chances of default.
Customer Care
If an applicant has any queries, resolutions, or complaints, they can contact the Rupeek customer care number, 08068186818.
