Instantly calculate your Gold Loan EMI, total interest, and maximum eligible loan amount. Our free online calculator helps you understand loan estimates based on gold weight, purity, current market value, and interest rates for better financial planning.
Formula:
To calculate your Gold Loan, we first determine the equivalent 24K gold value and then the maximum eligible loan amount. Your Monthly EMI is then calculated using the standard loan EMI formula:
- P = Principal Loan Amount (Maximum Eligible Loan Amount)
- r = Monthly Interest Rate (Annual Interest Rate / 12 / 100)
- n = Loan Tenure in Months
EMI = P * r * (1 + r)n / ((1 + r)n - 1)
Maximum Loan Amount = (Gold Weight (grams) * (Gold Purity (Karats) / 24) * Current 24K Gold Price per Gram) * (LTV Ratio / 100)