Gold loans are used by customers who are looking to get the most money they can at the lowest rate as fast as possible. Before the days of the Internet, people did not have a way to find out the relevant information and they just walked into the nearest branch of the most branded NBFC for the loan which they got at higher rates. During that era, brand image mattered the most and everything else came secondary. This has helped the biggest brands in the industry get the lion’s share of the market.
In the current age of Internet revolution, which is getting accelerated by low mobile internet charges and higher data speeds provided by telecom companies and JIOFiber, all this is going to change. It wouldn’t take much effort for a customer to look up the best gold loan products on their mobile or internet televisions at home. This is going to set a level playing field for all the market players and the best service provider will win the market.
This is where a good Gold Loan Calculator becomes important. A good gold loan calculator should help the customer find out how much money their gold can get them. Moreover, it should help the customer know how much interest they will have to pay for a given interest rate and loan tenure. This would enable the customer to get the full information about the loan they are about to take or compare their existing loan to what your company is offering.
We found that most of the NBFC websites did not have a Gold Loan Calculator at all and some major NBFCs had them but were not really up to the mark. Banks seems to be doing better in this respect. We figured that the technical challenge of building a gold loan calculator with live gold price information might be keeping them from adding this. So we have developed a Gold Loan Calculator Widget that can be easily added to any website. The widget has the following features:
- Live gold price data which is based on the Association of Gold Loan Companies (India)
- Configurable LTV with the default value set at 75%.
- Automated calculation of the value of the gold and the maximum loan amount based on the LTV ratio
- Calculation of total payable amount, the interest amount and EMI using the interest rate and tenure set by the user.
- A pie chart that shows the split-up of the interest and the principal amount, as they say, a picture speaks a thousand words.
Given below is the screenshot the gold loan calculator in action.
We have also created a way for you to test out the working of the widget without even adding it to your website. All you need to do is to follow the following JSFiddle Link https://jsfiddle.net/finahub/n8uwqs1L/ and play with it as much as you like.
This blog is maintained by the Finaura team. Finaura is a solution that will help you find the best gold loan solution from gold loan company nearest to you. If you have any queries please feel free to contact us. Call us on +91 484 2388285 or email us at [email protected]