Gold Loan Calculator

Who Can Avail Gold Loans by Muthoot Finance?

Any Indian citizen who is above the age of 21 years is eligible to apply for a gold loan. A gold loan is a great way to fulfill short-term financial requirements. However, like any other loan, the gold loan too is subject to eligibility requirements.

If you are thinking of getting a gold loan, you should first check your eligibility using Muthoot Finance’s Gold Loan Calculator, explore interest rates offered under different schemes, and use the gold loan calculator to confirm affordability. The right amount of research, in the beginning, can help ensure a seamless loan process.

Muthoot Finance offers easy documentation, instant calculation of gold loan eligibility, low-interest rates, flexible repayment options, a Gold Loan calculator, and more. Your gold loan eligibility can easily be calculated using the Gold Loan Calculator that is available on the Muthoot Finance website. With no restrictions on the end-use of the money, you can use it for your personal as well as business requirements without worry.

Eligibility Criteria for a Gold Loan

A gold loan ensures great value for your gold, which otherwise may have been sitting idle in a locker somewhere. A gold loan is offered against pledged gold and hence, the maximum amount that you are eligible to avail will depend on the value of the collateral offered. The weight and purity of the gold are important aspects for the calculation of the gold loan amount that you can get.

When it comes to gold loan eligibility calculation, factors like the age of the applicant, their employment status, credit history, or financial stability are not the main criteria for consideration. The gold loan is a special secured loan, the quantum of which depends on the collateral. If a person defaults on their interest payments, they are given four notices for payment, after which they are sent an auction notice and their gold is auctioned off. This way, lenders do not face a lot of risk and are even able to offer low interest rates for gold loans.

Gold Loan Eligibility Calculation

Eligibility calculation for a gold loan is solely based on the gold being pledged. You can use the Gold Loan Calculator available on the Muthoot Finance website, where according to the current gold rates, the value of your gold can be calculated per gram. The Gold Loan Calculator uses information like the weight of the gold, the type of gold, and the amount you require and provides an approximate value for your gold loan eligibility. You will also need to provide some basic details like your name and contact information for calculating eligibility.

If you want a more precise calculation of your gold loan eligibility, you will need to visit your nearest Muthoot Finance branch with the gold you want to pledge as collateral. The team at the branch will be able to perform an in-house evaluation of the gold, which will give you the exact weight, purity, and value of your gold.

The amount that you will be able to borrow against the gold will not be equal to the total value of the collateral. Subject to RBI guidelines for loan-to-value, the amount will be a little lower than the actual value of the pledge, in order to mitigate the risks faced by the lender.

EMI Calculation for the Gold Loan

Whether you use the online Gold Loan Calculator on the Muthoot Finance website or you visit a nearby branch for an in-house evaluation, it is important that you have at least a basic idea about the value of the gold you want to pledge as well as the amount you will be able to get against it. With this information, you can move on to the calculation of the gold loan EMI that you may have to pay, which will help you make an informed decision regarding the gold loan plan that will suit you best. The Gold Loan Calculator calculates your eligibility, while the Gold Loan Calculator allows you to check whether a gold loan scheme will be affordable for you.

You will first need to select the scheme you are interested in, according to which the calculator will select the applicable rate of interest. The Gold Loan Calculator has sliders for you to enter the loan amount and tenure, after which you will be provided with an estimated EMI amount for that particular gold loan scheme by Muthoot Finance.

Calculations for Gold Loan Repayment

The EMI that you pay for your gold loan has two components, namely the principal amount and the interest. The EMI can be calculated based on your eligibility as shown by the Gold Loan Calculator, the interest rate applicable, and the tenure chosen.

Muthoot Finance offers customers flexible repayment options that you can choose from based on your needs. It is important that you use the Gold Loan Calculator and choose a repayment option that will not cause a financial strain for you.