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Gold Loan EMI Calculator

Calculate Gold Loan EMI Online

Last Updated 23rd May 2022

The Gold loan EMI calculator is an online tool to calculate monthly EMI on your gold loan. The calculator estimates the principal amount and interest amount you need to pay during the loan tenure. To use the calculator, you need to enter values such as the loan amount, rate of interest, loan tenure, and EMI amount for your Gold Loan will be calculated.

  • Lowest gold loan EMI as of 23 May 2022 is ₹ 1,354.
  • Top Banks offering the lowest EMI on gold loans are Muthoot, Manappuram, Andhra Bank, Federal Bank, SBI Check Offers
  • Compare the Gold loan EMI at different loan amount and tenure at the lowest rate of 9.00% as mentioned below in the table:
Loan Amount1 Year Loan2 Year loan3 Year loan
₹ 1 Lakh₹ 8,745₹ 4,568₹ 3,180
₹ 5 Lakh₹ 43,726₹ 22,842₹ 15,900
₹ 25 Lakh₹ 2,18,629₹ 1,14,212₹ 79,499

    Jump to EMI Calculator

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      Bank/NBFCs Rate* EMI per Lakh* Action

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      What is a Gold Loan EMI?

      Gold Loan EMI is an Equated Monthly Gold Installment that you have to pay on your loan till the end of your loan tenure. The EMI amount of your loan consists of principal and interest amount and remains the same throughout the loan tenure. To accurately determine your EMI and plan your expenses better, you can use Gold Loan Calculator, on online platforms such as MyLoanCare. Gold Loan Calculator is an online tool that works on the mathematical algorithm to calculate the EMI on a gold loan if you choose to repay the loan using the gold EMI option.

      Steps to Calculate Gold Loan EMI

      To calculate the Gold loan EMI with MyLoanCare, follow the steps as mentioned below:-

      • Visit the website of MyLoanCare.
      • Go to the gold loan page and then click on the gold loan EMI calculator.
      • Enter details like Loan amount, Rate of Interest, Loan Tenure.
      • You can add an Email ID to get the results on your email.
      • Click ‘Submit’.
      • You can view the EMI for the loan amount, tenure and interest rate you have filled.
      • You can recalculate the EMI by changing the details.
      • You will also get a detailed EMI calculation on your Email ID.
      • To get the results on your phone, enter your mobile number and verify OTP.

      Factors Affecting Gold Loan EMI

      An online Gold Loan Calculator, considers factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan to calculate EMI.

      Loan Amount

      It is the amount you borrow by pledging your gold to fulfil your personal or business needs. The amount of money you borrow against your gold is directly proportional to your gold loan EMI. Therefore, the higher the loan amount, the higher will be the EMI.

      Rate of Interest

      It is the interest charged on the borrowed loan amount. Higher the rate of interest, the more EMI you will have to pay on your Gold Loan.

      Loan Tenure

      It is the period for which you avail a loan. Longer the gold loan tenure, the lower will be the EMI and similarly vice-versa. You can avail of a gold loan for a maximum tenure of 3 years.

      Compare Gold Loan EMI of Rs. 1 Lakh

      You can compare the gold loan EMI for ₹ 1 Lakh at different tenures as provided in the table below:

      Loan Tenure1 years2 years3 years
      EMI amount for loan amount ₹ 1 Lakh at 9.00%₹ 8,745₹ 4,568₹ 3,180
      Total amount you pay back to the bank including principal and interest₹ 1.09 Lakh₹ 1.19 Lakh₹ 1.31 Lakh
      Interest you have to pay over loan tenure₹ 9,308 ₹ 19,483 ₹ 30,605

      The lowest EMI for a tenure of 3 years is ₹ 3,180 at 9.00% . If you take a loan for 2 years at the same rate of interest, you will have to pay a higher EMI of ₹ 4,568 . Similarly, the total interest you have to pay on a gold loan for 3 years and 2 year is ₹ 30,605 and ₹ 19,483 which is much higher for a 1 year loan, at ₹ 9,308 .

      Compare Gold Loan EMI of Top Banks

      Bank Lowest Rate Lowest EMI Per Lakh Monthly EMI For ₹ 3 Lakh Max Tenure
      Muthoot 6.90% ₹ 14,829 ₹ 44,486 36 months
      SBI 7.50% ₹ 13,475 ₹ 40,426 36 months
      PNB 7.65% ₹ 13,119 ₹ 39,357 12 months
      Yes Bank 9.99% ₹ 10,287 ₹ 30,861 36 months
      ICICI Bank 10.00% ₹ 10,277 ₹ 30,831 12 months
      Fincare Small Finance Bank 10.99% ₹ 9,236 ₹ 27,708 9 Months
      Axis Bank 14.00% ₹ 7,414 ₹ 22,241 24 months

      Benefits of MyLoanCare Gold Loan EMI Calculator

      MyLoanCare Gold Loan EMI Calculator helps you calculate the gold installments against your pledged gold anytime, anywhere, free of cost. It is always better to consider a gold calculator online over manual calculations to get more accurate and reliable results.

      Here are some other benefits of using MyLoanCare Gold Loan EMI Calculator:
      • MyLoanCare EMI calculator helps you to get a detailed EMI schedule of gold loan EMI.
      • You can also choose to receive the output about the EMI, the total amount to be paid on SMS.
      • The calculator helps you compare multiple EMIs for different loan tenures and rates and choose the loan EMI scheme that suits your monthly budget.
      • With MyLoanCare Gold Loan Calculator, you can easily know your gold loan EMI in advance and the amount you have to pay to the bank every month from your income. Thus, helping you to manage your budget.
      • You have the option to receive EMI calculation in your email or as a link on SMS.

      Formula for Gold Loan EMI Calculation

      A Gold Loan Calculator uses a simple mathematical formula to calculate your EMI. The formula to calculate loan EMI is given below-

      EMI = [P*R* (1+R)^N/([(1+R)^N]-1)

      In the above formula,

      • P = The loan amount that you want to borrow
      • R = The rate of interest per month
      • N = The tenure of loan repayment in months

      FAQs

      How does a gold loan EMI calculator work?

      Gold Interest Calculator uses the combination of the loan amount, loan tenure and interest rate to calculate gold on EMI online. It works on the mathematical algorithm and gives accurate and detailed results to pre-plan your loan payments. All you need to do is enter these details, and you can know your monthly EMI.

      What are the benefits of a gold loan calculator?

      A jewel loan calculator gives you an estimate of the EMI you need to pay at a varying interest rate and tenure. Gold loan calculator is available free of cost at all online marketplaces like MyLoanCare. The calculator gives reliable and accurate results in no-time, via a hassle-free process. You just need to enter details like loan tenure, gold loan interest rate and loan amount. Thereby, with the help of this gold loan calculator online, you can plan your EMI and other expenses in advance.

      What is the EMI for ₹ 10 Lakh gold loan?

      The EMI on gold loan for loan amount of ₹ 10 Lakh will be different for different loan tenures based on the lowest gold loan interest rate of 9.00%.

      TenureGold Loan EMI
      1 Year₹ 87,451
      2 Year₹ 45,685
      3 Year₹ 31,800

      How are the gold loan interest rates in cooperative banks calculated?

      You can calculate the gold loan interest in the cooperative bank by subtracting the principal amount from the total amount to be paid. In addition, you can calculate the total amount you would pay by the end of your tenure with the help of a gold loan calculator. A gold loan interest rate calculator uses mathematical algorithms to give information about total amount to be paid, EMI on your loan etc.

      What is the EMI for ₹ 1 Lakh gold loan?

      The EMI on 1 Lakh Gold Loan will vary for different loan tenures as per the lowest gold loan interest rate of 9.00%.

      Tenure Gold Loan EMI
      1 Year₹ 8,745
      2 Year₹ 4,568
      3 Year₹ 3,180

      What is the EMI for ₹ 5 Lakh gold loan?

      The gold loan EMI for loan amount of ₹ 5 Lakh will be different for different gold loan tenures based on the lowest gold loan interest rate of 9.00%.

      Tenure Gold Loan EMI
      1 Year₹ 43,726
      2 Year₹ 22,842
      3 Year₹ 15,900

      What is the EMI for ₹ 25 Lakh gold loan?

      The EMI on gold loan for loan amount of ₹ 25 Lakh will vary across different loan tenures based on the lowest gold loan interest rate of 9.00%.

      TenureGold Loan EMI
      1 Year₹ 2,18,629
      2 Year₹ 1,14,212
      3 Year₹ 79,499

      Can I make part payment on my gold loan amount?

      Yes, most of the financial institutions allow you to make a part payment of your loan amount before the predetermined loan tenure without any penalty charges.

      What is the minimum EMI amount for a gold loan?

      As per the current rates, HDFC Bank provide gold loan at the lowest rate of 9.00%. Thus, you need to pay a minimum EMI amount of ₹ 8,745 for a gold loan. To get the lowest EMI amount, you can use gold loan interest calculator India.

      Is EMI available for gold loan?

      Yes, there are various methods to repay your gold loan. One of such methods includes a gold loan EMI option. Under this method, you need to pay a fixed amount, consisting both the principal and interest amount.

      How does SBI calculate EMI on Gold Loan?

      To determine the EMI on SBI gold loan, the bank evaluates various factors such as loan amount, rate of interest and loan tenure. In addition, SBI determines the gold loan eligibility based on the gold value of the security. To calculate the EMI of SBI gold loan in advance, you can use a SBI gold loan calculator.


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