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.

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.