This calculator computes the fixed monthly EMI on a gold loan once you already know the loan amount, interest rate, and tenure, useful if your lender has offered you a regular EMI repayment scheme rather than bullet or interest-only repayment. If you haven't taken the loan yet and want to know how much you're eligible for, use the Gold Loan Eligibility Calculator instead.
Worked Example:
Loan = ₹3,00,000 | Rate = 9.25% p.a. | Tenure = 2 years
r = 9.25 ÷ 12 ÷ 100 = 0.007708
n = 2 × 12 = 24 months
EMI = 3,00,000 × 0.007708 × (1.007708)²⁴ ÷ ((1.007708)²⁴ − 1)
= ₹13,740 per month
What's the difference between this and the Gold Loan Eligibility Calculator?
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This calculator computes your monthly EMI once you already know your gold loan amount. The
Gold Loan Eligibility Calculator instead tells you how much loan you can get against your gold jewellery based on its weight, purity, and the lender's LTV ratio, use that one first if you don't have a loan amount yet.
Do all gold loans use EMI repayment?
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No. Gold loans commonly offer several repayment schemes: regular EMI (principal + interest monthly, like this calculator), interest-only monthly with the principal due at the end (bullet repayment), or upfront interest deduction. Choose EMI if you want a fixed, predictable monthly outflow like any other loan.
What happens if I miss an EMI on a gold loan?
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Unlike unsecured loans, lenders can auction your pledged gold to recover dues if you default for an extended period, most give multiple notices first. Because the loan is secured, gold loans are generally easier to get approved even with a weak credit history, but missing EMIs still risks losing your gold.
Can I prepay a gold loan without penalty?
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Most gold loans, especially from NBFCs like Muthoot and Manappuram, allow prepayment or foreclosure with little to no penalty since the tenure is usually short (6 months to 3 years). Always confirm the foreclosure charge with your specific lender before signing.