Computing the gold loan rate per gram on the loan amount and selected tenor is a wise decision before applying for credit. Read on to know how to calculate gold loan interest rates and make an informed decision based on the results.
Applicants planning to opt for a gold loan in Ludhiana should follow these steps to calculate the interest rate:
Step 1: Visit the official website of your preferred lending partner and locate Gold Loan EMI calculator option.
Step 2: On the calculator page, choose one of these variables: “Select Loan amount” or “Select Gold Weight”.
Step 3: Following this, choose your preferred repayment option and enter the interest rate as charged by your lender.
Upon entering these variables, this tool will display the monthly instalments along with total interest outgo at the end of the repayment tenor.
Knowing the gold loan rate per gram before applying for credit allows you to plan your repayment schedule accordingly. This will keep your gold asset safe throughout the tenure while ensuring a hassle-free borrowing experience.
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