Estimate the monthly EMI on a gold loan based on the loan amount, rate and tenure.
EMI = P × r × (1+r)n / ((1+r)n − 1), where P is loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.
Gold loans are typically shorter-tenure and secured against gold jewelry value (usually 60-75% loan-to-value).