A gold loan is a type of loan where borrowers pledge their gold ornaments or coins as security to the lender to get a loan in return. It is a form of secured loan. Since it’s a loan, interest should be paid on it, and most frequently the moneylender charges interest rates higher than whatever you would find at a bank. The impact of this is that your regularly scheduled installments to take care of your thing will be considerably more costly than assuming you had acquired the whole expense of the thing front and center. But with Rupeek, you can dodge these high-interest rates. Not only that, you can take a gold loan for as little as 0.49% per month, and this makes taking gold loans from Rupeek way cheaper than even established banks.
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To start off this blog from the very basics let us understand the process of repayment of a gold loan. When you take a gold loan you have to pledge your gold ornaments or any other form of gold assets, upfront. As soon as you complete the process of KYC and the ornament validation is completed, which hardly takes 3-4 hours with Rupeek and is served at your doorstep with company executives that follow all the COVID-19 safety protocols, the ornament is sent to the nearest locker. Here your gold ornaments are safely kept until your gold term is over. When you repay your gold loan, you get your ornaments back safely, otherwise, after a few fined extensions the gold is sold in auctions to recover the money exchanged earlier.
You can repay your gold loans either way i.e., as a lump sum or in equated monthly installments. With Rupeek you can further increase your repayment flexibility by choosing to pay a part of your loan amount amidst your ongoing EMIs. The Gold loan EMI calculator is an online apparatus to ascertain month-to-month EMI on your gold loan. The calculator assesses the chief sum and interest sum you want to pay during the loan residency. To use the calculator, you just need to enter qualities, for example, the loan sum, rate of interest (which the Rupeek EMI calculator smartly detects and shows you), loan residency, and EMI sum will be determined.
Steps to use Rupeek Gold Loan EMI Calculator
To use and calculate the Gold loan EMI with Rupeek’s EMI Calculator, follow the steps as referenced underneath:
- Visit the site of Rupeek at https://rupeek.com/
- Go to the gold loan page and afterward click on the gold loan EMI calculator.
- Enter details like Loan sum, Rate of Interest, Loan Tenure.
- You can add an Email ID to get the calculation results on your email.
- Click ‘Submit’.
- EMI will be calculated and shown for the loan sum, residency, and interest rate which you have filled.
- You can recalculate the EMI by changing the details.
- You will likewise get a definite EMI calculation on your Email ID.
- To get the outcomes on your smartphone, enter your phone number and confirm with the sent OTP.
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Advantages of using Gold loan EMI Calculator
- Rupeek EMI calculator assists you with getting a detailed EMI timetable of gold loan EMI.
- You can likewise decide to get the result about the EMI, the aggregate sum to be paid on SMS.
- The calculator assists you with looking at various EMIs for various loan residencies and rates and picking the loan EMI conspire that suits your month-to-month financial plan.
- With Rupeek Gold Loan Calculator, you can without much of a stretch know your gold loan EMI ahead of time and the sum you need to pay to the bank consistently from your pay. Accordingly, assisting you with dealing with your spending plan.
- With Rupeek Gold Loan EMI Calculator, you have the choice to get EMI estimation in your email or as a connection on SMS.