CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Gold has indisputably earned its place in every Indian household, not only for its cultural significance but also for its role as a financial lifeline. When the need for funds arises, a gold loan can be a quick and convenient solution. For borrowers, the gold loan journey becomes even easier with a gold loan calculator, which estimates the loan amount based on the value of their gold jewellery.
Why gold loans are ideal for raising emergency funds?
Gold loans are perfect for individuals who need quick funds. Since one need not sell their beloved jewellery and gold assets, this makes for a perfect instant solution. Whether it’s for medical emergencies, business investments, or education, a gold loan can bridge the gap effortlessly.
What is a gold loan calculator?
A gold loan calculator is a simple tool that helps borrowers estimate the loan amount they can get by pledging their gold jewellery. Based on the weight and purity of the gold, this calculator gives an estimate of the amount they can borrow. Many lenders, including Bajaj Finance, offer easy-to-use gold loan calculators online. This tool is crucial for anyone considering a gold loan, making it easier for borrowers to plan.
Using a gold loan calculator offers several benefits:
Quick estimates: Borrowers receive an instant estimate of the loan amount based on their gold’s value.
Better financial planning: The calculator assists in planning loan repayment by providing an estimate of interest payable and tenure options.
Convenience: The tool is available online 24/7, allowing borrowers to check their eligibility at any time.
How does a gold loan calculator work?
The gold loan calculator takes into account several factors, including:
The total weight of the borrower’s gold jewellery, excluding stones or other metals.
Purity of gold
Current market rate
After entering these details, the gold loan calculator provides an estimated loan amount that the borrower can get. It may sound cumbersome, but Bajaj Finance’s gold loan calculator is particularly user-friendly, offering borrowers an instant result in just a few steps.
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