Gold Loan Interest Calculator
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Frequently Asked Questions (FAQs)
What is a gold loan interest calculator?
A gold loan interest calculator helps you estimate the interest payable on a gold loan based on the principal amount, interest rate, and tenure.
How is gold loan interest calculated?
Gold loan interest is calculated using the formula: Interest = Principal × Rate × Tenure.
What factors affect gold loan interest rates?
Gold loan interest rates depend on factors like the loan amount, tenure, gold purity, and the lender’s policies.
Are gold loan interest rates fixed or floating?
Gold loan interest rates can be fixed or floating, depending on the lender’s terms.
What is the typical tenure for a gold loan?
Gold loan tenure usually ranges from 3 months to 36 months.
Is there a penalty for prepayment of a gold loan?
Prepayment penalties vary by lender. Some lenders charge a fee, while others allow free prepayment.
What is the maximum loan amount I can get for my gold?
The loan amount depends on the gold’s purity and weight, typically up to 75% of the gold’s value.
Can I renew my gold loan tenure?
Yes, many lenders offer the option to renew the loan tenure upon repayment of interest.
What documents are required for a gold loan?
Common documents include ID proof, address proof, and photographs. Requirements may vary by lender.
How is gold valued for a loan?
The value of gold is determined by its weight and purity based on the current market rate.