How is EMI calculated on my gold loan at Buddy Loan

What is EMI?
At Buddy Loan EMI is the equal monthly installments that you pay back to the lender when you apply for your gold loan. Supporting this is www.buddyloan.in, visit this site for availing better benefits of a gold loan for lower interest rates.
You can take the Instant gold loan online in place of a marriage loan or a travel loan, and then you pay back to the lender in equal monthly installments.
What are your EMI options
 Pay partial payments
This option is customer-centered and a privilege for the gold loan customers. The customer
pays back an amount of interest and principal when he can. There is no strict need to stick by
the EMI schedule. The client may opt to pay the whole amount of loans when they get the
money, and there is a reduced interest rate.
 Bullet payments
In this option, you do not need to service EMI schedules. You also do not need to pay fees
during the loan tenure. However, after the loan tenure, you will need to pay the whole principal
and interest rate amount.
 Regular EMI options
This option is available to salaried individuals and those that have a steady flow of income in
their accounts. Their EMI payment is similar to that one that they pay when they take a marriage
loan or any other personal loan.
 Pay interest as EMI and principal
This option would be preferable to those people who expect some lump some money in the
future. You only pay attention to your equal monthly instalments without the principal amount.
However, you will pay the principal amount as a whole after you finish paying for the interest. 
Steps to calculating your gold loan
Depending on who your lender is, they will opt to calculate your EMI in different methods. This
depends on what is their best practice.
They may have an online calculator in which you fill in the details and get the EMI you will be
paying monthly. The details are as below.
 Fill in the value of the gold you want to pledge
 Enter the interest rate the bank is offering
 Enter the number of months you intend to pay the loan.
You can also use the EMI calculation mathematical formula to calculate your gold loan, which is
similar to how you calculate the EMI on your loan EMI.
EMI= [principal*rate*(1+rate)^number of repayment periods]
[(1+rate)^number of repayment periods-1

You can also calculate your EMI by invoking the PMT function of the Microsoft Excel sheet. The
key factors are the principal amount, the interest rate, and the tenure of the loan. Then you will
discuss with the lender for a final decision.

How can I get a gold loan at Buddy Loan

Do you need money urgently, and you have gold jewelry on you? Instead of requesting a
marriage loan or an education loan, you can decide to take a gold loan. Supporting this is
www.buddyloan.in, visit this site for availing better benefits of a Instant gold loan for lower interest rates.
This type of loan will fill in for the urgent short term need for money.
After you pay back the money, you will get back your gold. This is way better than selling the
gold to get the money.
What is a gold loan at Buddy Loan?
When you pledge your gold jewelry with a lender in exchange for a loan, then that is referred to
as a gold loan in India. You will later pay back this amount in the period you will have agreed
with the bank. The loan tenure is usually short term and ranges from 3 months to 12 months.
The loan is less strenuous than applying for a regular instant loan.
How much can the bank loan you?
The lender usually advances a percentage of your gold’s value as a loan. Various factors affect
the cost of the loan you get from the personal loan provider. The value of your gold determines
the amount of investment.
 The Instant gold loan has a lower interest, and thus you can pay it by faster by increasing the
EMI.
 The purity of the gold determines the amount of credit that you will get from the bank.
Application process
The application process is easy and can be done by anyone as long as they have a PAN
number. The primary collateral in this type of loan is the gold, and so both salaried and business
people are eligible.
You will need also to have your identification and proof of your address. Some lenders will ask
you for more documentation like the PAN card or the aadhaar card, from which they will conduct
their customer information search.
The lender, after assessing the value of your gold and receiving the documents, will sanction
the loan. Some providers will also conduct an assessment of your home. The lender will then
credit your account with the agreed amount.
Point of emphasis when you are pledging your gold is:
 Make sure you know your loan to value
 Check through enough options to ensure you arrive at the best option.
 No, your gold, this way, you know your value to avoid being shot changed.
 Make sure you understand your EMI options.

What is Gold Loan means at Buddy Loan?

Gold loan is a loan given by a bank or institution to an individual who pledges their gold
jewellery for money. The gold should be within a range between 18 to 24 carats. The loan
amount is a certain percentage of the current gold price, as well as the quality of the gold.
This will vary from bank to bank and is typically up to 80 percent.
The bank will also require certain documents, after which the Instant gold loan online will be approved and sanctioned. To make the process easier and clear, availing gold loan through a loan
aggregator, Buddy Loan, can help fit your profile to the organisation and dirsburse loan with
very few necessary documents online.
Documents Required for Instant Gold Loan online approval.
Different banks ask for different set of documents. Some of the common documents required
include Passport size photograph, PAN, Voter’s ID, Aadhaar card, passport, driver’s licence,
electricity bill, income proof, identity proof and address proof, etc.
Key Features of Gold Loan
Taking a gold loan from a bank or a financial has some features which are more
advantageous than a loan. These features include
Quick Disbursal
Minimum documentation required and faster processing time because the loan is secured by
your gold.
No Restriction on Use of Loan
The loan can be used in any manner or for any purpose. As the loan is not for a specified
purpose, the loan is not monitored. This gives you the flexibility to meet any immediate
expenses
Secured Loan
Other than the pledged gold jewellery there is no need to provide any other collateral or
guarantor required
Lower Interest Rates
As this is a secured loan, the interest rate is comparatively lower than a personal loan and
other types of loans, the interest rates begins at 11.99% p.a.
Easy Liquidity
Gold jewellery is generally an idle asset lying at home or in the bank locker. Gold loans
provide instant liquidity when an emergency arises or when an undeniable expense is
anticipated.
Foreclosure of Gold Loan
The gold loan is considered a short term loan and has a tenure of 1 to 5 years. However, the
Gold loan can foreclose the loan before the tenure lapses. While some banks do not charge
a foreclosure penalty, some of the banks will levy a charge of 2% to 4% of the outstanding
balance.

Final Word

Before you sign on the dotted line, it is advisable to check and compare the interest rate,
processing fee, late payment penalties, pre-payment charges, and other hidden costs so that
you are not taken by surprise when these payments are to be made.
While taking a loan, one should be sure that the loan can be easily returned. Defaulting on a
loan will adversely affect your credit rating, and you will find it difficult to get another loan.

I DON’T HAVE A PAN CARD. CAN I STILL GET A GOLD LOAN AT BUDDY LOAN

Introduction
A loan against gold or gold loan is a type of secured loan in which an individual, the customer,
pledges their gold ornaments as collateral with an Instant gold loan online company or organization. In turn, the company gives a loan amount, as per the market value of the gold submitted, to the customer.
Availing a loan through loan aggregators can suffice your financial needs with your gold. Loan
aggregators meet the right bill with the borrower's profile. Buddy Loan offers flexible tenure for repayment.
When compared to other personal loans, the procedure for availing a Instant gold loan is considered as a pretty easy and quick way of fulfilling one’s financial needs. The alternative to mortgage is
gold ornaments or jewellery in this case.
The process for availing a gold loan is quite a hassle-free experience when compared to the
other types of personal loans. It also requires minimal paperwork. Also, gold loans don’t require
minimal documentation and no validation for income or salary of the individual availing the
same.
Thus, if someone has gold ornaments, even if they are unemployed or unsalaried, they can
avail of a gold loan. The reason for this being that one is pledging gold, a very valuable asset, in
return for the loaned amount.
Documents required for availing a gold loan
Mannapuram and Muthoot have been carrying on the gold loan business in India for a long
time. It is only in recent years that most of the banks have started to participate in this field
actively.
Gold loans are one of the simplest and quickest ways to monetize one’s gold and get money
accordingly, as it involves minimal paperwork and requires no validation regarding one’s
employment status. However, there is a complete assessment done by the financer or bank
on the submitted gold. They accept gold measure 19 - 24-carat pure gold.
To verify the identity of the customer, the bank or financer requires one to have any of the
following:

1. E-KYC (e-Know Your Customer)
Verification of the customer’s Aadhar card with UIDAI and fingerprint can be done online.
2. Physical KYC – any of the below-mentioned documents
 Aadhar card
 PAN card

 Valid Driving License
 Valid Passport
 Voter’s ID card
 Job card issued by NREGA

Can one get a gold loan if he/she doesn’t have a PAN card?
NO! One has to obey the government rules to avail a PAN card to avail gold loan. The
mandatory requirements for this are an identity proof and address proof. Thus any government-
issued identity and address proof should be used for this. Also, ID cards issued by companies
for working professionals will be additional benefit in availing a gold loan.