Gold loans are a type of secured loan provided by lenders against gold as collateral. The gold is pledged as security and is returned back once the borrower repays the whole loan amount that is due. With the help of SBI Bank’s online EMI calculator, you will be able to find out how much EMI is to be paid approximately, for the borrowed loan amount. An EMI calculator will help you try different interest rates, tenures and principal amount combinations to find an approximation of the total loan amount to be repaid along with the interest payments.
For example, let the principal amount that is borrowed to be Rs. 1 lakh and the annual interest rate be 7.50% for a tenure of 1 year. The Equated Monthly Installment(EMI) calculated will be approximately Rs. 8676. Likewise, you can enter the principal amount and find out how much you would be paying for the rest of your tenure.