How to easily calculate your gold loan repayment for a joyous Diwali

Diwali is a time of celebration, joy, and, often, unexpected expenses. Whether it's a family gathering or a sudden medical need, having a financial backup is crucial. One convenient financing option is applying for a gold loan. With the gold price in India rising, especially around Diwali, a loan against your gold jewellery can be a smart financial move.

Gold loans are gaining popularity as a financial product since it allows you to borrow money against the value of your gold jewellery without having to liquidate them. They are quick to process and generally have lower interest rates compared to other forms of loans since these are secured loans. Out of the many financing options available, the Bajaj Finserv Gold Loan is an excellent choice for meeting various financial needs, from medical emergencies to expanding your business.

But like all debts, you should know your gold loan REPAYMENTs before applying so you can plan your monthly finances better. You can always use tools like the repayment calculator for gold loan to estimate your monthly payments. This will give you a better understanding of what to expect post your loan disbursals.

Importance of a gold loan calculator

Using a gold loan calculator is crucial if you are considering a gold loan. This online tool helps you estimate how much you can borrow and what your monthly payments will be. With fluctuating gold prices in India, having an accurate calculation can save you from unexpected surprises later. This way, you can make informed financial decisions as per your needs.

How to use a gold loan calculator

Using a gold loan calculator is pretty simple. Here’s a guide to using the Bajaj Finserv Gold Loan Calculator:

1. Enter gold weight: Start by inputting the weight of your gold in grams.
2. Input gold purity: Specify the purity of your gold, usually measured in karats.
3. Provide current market price: Enter the latest market price of gold per gram.
4. Loan calculation: The calculator will provide the maximum loan amount based on your inputs.
5. Additional inputs: Some calculators allow you to enter the interest rate and loan tenure, enabling you to estimate your repayment schedule.

By following these steps, you can get an estimate of your gold loan amount and repayment obligations.

Now that you know your jewellery's loan potential and repayment value you can consider opting for a trusted lender. One of the lenders that usually ticks all the boxes of borrowers is the Bajaj Finserv Gold Loan.

Here are the benefits of opting for this loan:

• High loan amounts

Bajaj Finance offers gold loans ranging from Rs. 5,000 up to Rs. 2 crores, depending on the value of your gold. Whether it’s a small loan for Diwali shopping or a larger amount for business investments, there’s a loan option tailored to your needs.

• Simple application process

Apply for a gold loan online via Bajaj Finserv App or website, and Bajaj Finance representatives will assist you with the process when you visit any of their branches.

• Part-release facility

Repay a portion of your loan early to retrieve part of your gold jewellery before the loan tenure ends.

• No part-prepayment or foreclosure fees

Enjoy the freedom to repay your loan early without incurring any extra charges, as Bajaj Finance doesn’t impose fees for part-prepayments or foreclosures.

• Transparent gold evaluation

Bajaj Finance uses advanced karat meters at all branches, ensuring a fair and accurate valuation of your gold, and helping you get the highest loan amount possible.

• Complimentary insurance

Your gold jewellery is insured for free while in Bajaj Finance’s custody, protecting it against theft or loss.

• Flexible repayment options

You can choose from various repayment plans, including monthly, bi-monthly, quarterly, half-yearly, or annual interest payments, to suit your financial preferences.

With more than 800 branches across the country, it’s easy to find one near you. Just walk into your nearest branch and get the funds you need!

Conclusion

Calculating your gold loan repayment doesn’t have to be complicated, especially with a reliable gold loan calculator at your fingertips. By understanding how to leverage your gold jewellery’s, you can ensure a joyful Diwali while managing your finances wisely. So consider the Bajaj Finserv Gold Loan for a seamless borrowing experience and enjoy the festive season rather than worrying about expenses!

Moneycontrol Journalists are not involved in creation of this article.