Which state in India has the highest consumption of gold?

In India gold traditionally signifies not just status, wealth and prosperity, but it is also considered to be an auspicious metal. Not just Indian households, but some of the temples have vast reserves of gold and if all this were to be put together and given to the government, then India could be the richest country in the world. The consumption of gold in India is increasing every year at an average of 18% per year. According to the cultural heritage of the country, gold is considered to be the best choice of precious metal when it comes to making jewelry and also investment. Due to rupee terms the price of gold is lower, and there are also the demands related to weddings and festivals which help in enhancing the demand for this precious metal. The jewelry consumption in the country is a huge 703 tonnes and it remains in the top position for gold consumption throughout the year for the second year.

South India and especially Tamil Nadu is the largest consumer of gold in the country and this is why the gold rate in Chennai becomes important. Even in the south of the country the demand and supply for jewelry is growing every year. The southern states of Tamil Nadu, Karnataka, Kerala and Andhra Pradesh hold around 40% of the country’s overall gold consumption. Here gold is mainly used for making jewelry although even South Indians are considering the importance of this precious metal as a means of investment. 

Many temples in the South of the country are made of gold and also get huge offerings of gold from devotees. The investment in gold in this part of the country has risen to Rs. 2,440 crore in the year 2016 which is really a jump of 150% over the year 2015. The cost of gold has also increased by 27% as compared to the year 2015. When you compare this to other regions then the western region consumes 25-30%, the northern region consumes 20-25% and the eastern region stands at 10-15% gold consumption in the country.

You can witness the high growth in gold consumption in Tamil Nadu and rest of the south Indian states by the proliferation of jewelry showrooms, which range from large outlets to small traditional jewelry shops. This increase is partly because the tradition of buying gold for jewelry purposes is also now becoming a means of investment in the state of Tamil Nadu. This is why people in this region nowadays keep an eye on the gold rate in Chennai, because it affects the rate of gold in the rest of the region. The VAT is also as low as 1-2% on gold which affects the price of gold in Tamil Nadu and it is comparatively lower than the rest of the country. This has also led to the increased demand for gold in this state. The same is true for the rest of the southern region as well.

Then again the gold jewelry stores in the south also charge reasonable making charges. This also fuels the high demand of gold especially in Tamil Nadu thereby increasing the gold rate in Chennai. Although new trends in designs of gold jewelry are slowly becoming popular especially among the younger generation, but traditional designs and styles are still given preference. From early November onwards there is a rise of demand for gold in the country and especially in the South because people consider it auspicious to buy gold, during the Diwali festival and especially on the day of Dhanteras. The impact of depreciation of the rupee has led to the increase in the gold rate of Chennai as well as other parts of India, but this has not deterred the people of India from buying their favorite precious metal.

How to use EMI Calculator to Calculate Your Personal Loan Requirements?

EMI (Equated Monthly Instalment) is the amount a loan borrower has to pay through the loan time period to payback the borrowed amount. Each EMI is a chunk of the amount due in addition with the interest due. So, the tool that can be used to determine your EMI payments is the Personal Loan EMI Calculator.

Generally, in the initial tenure of the EMIs of a personal loan contribute more to the payment of the interest due in comparison to the principal sum. However, in the due course of time of the loan, following EMIs will lead you towards paying back the principal sum.

Calculating EMI yourself?

Most of us would wonder why they should calculate the EMI. Most of us will be like,” Are you really kidding me, I a pathetic at my math and you expect me to calculate my personal loan EMI?”

One should be very aware of what he has to pay and why is he paying that amount. So, put an end to the tedious task of calculating your EMI with the EMI calculator.



                       


How do you calculate the EMI?
EMI calculator for calculating personal loan is a very user friendly tool for calculating the per month instalments. This EMI calculator is user friendly tool and involves the following steps:

• To start with chalk out a plan, regarding the loan you want. 
• Fill in details like the amount you want to borrow, Loan time period and rate of interest. 
• The next screen will display the Interest rate and time period of a specific amount that you what to apply for. 
• Now, use the sliders to modify. By doing this you reach to an EMI which is suitable for your pocket. 
• Click “Get quotes” tab which is located below the EMI you have calculated for yourself. 
• By clicking this you get redirected to a page where you will be required to fill a questionnaire which would have questions related to you. 
• Fill in the details and see what loans are you eligible for. 
• Now, simply choose a loan which suits you the best from the customised list you just got and you are good to go.

So, the personal loan EMI calculator just saved you from a lot of tedious calculations, calculated your EMI in a very minimal time and most importantly it just gave you a customised list of options based upon your loan repayment capability.