Repaying Your Gold Loan
India is a country where gold is considered as a very important asset as well as a type of investment. Gold is considered to be the best investment for the people in India. Loans have become very popular in India as well. The people have realized that the best way to fulfill all the desires at a quick rate is to take a Gold loan.
As we know Gold Loan is the Loan sanctioned against Gold ornament. It provides you the high amount to fulfill your immediate need for money like for Personal use, Business expansion, Agriculture, Wedding, Education purpose and many more. If you are going through a financial crisis then Gold Loan is the best option for you as it provides you quick disbursals and instant approval. Processing of Gold Loan is very easy for everyone. There are different repayment methods for it and some of them are mentioned below-
- Pay Interest as EMI & Principal later
- Make Partial Payments
- Bullet Repayments
- Regular EMI option
1. Pay Interest as EMI & Principal later
As per the EMI schedule, you can repay your Gold Loan It is one of the best options for repaying the interest amount, as per the EMI schedule of the gold loan, you can easily repay the interest amount. In full or at the time of maturity the principal amount borrowed is to be paid, and not to worry about principal repayment.
2. Make Partial Payments
Partial payments of both interest and principal amounts can be made as for and when you desire. It acts as a customer-centric approach for gold loan customers! Partial or even complete payment of both the interest and principal components are allowed and not depend on preset EMI schedule. If you initially repay your principal, then your total interest pay-out, calculated daily on the amount of loan outstanding. It will help you in saving tax
3. Bullet Repayments
It is one of the best schemes of Gold Loan. In this, you just have to repay the entire amount of both the principal and interest amount at the end of the loan’s term. There is no need to pay the principal and interest rate during the loan tenure. Only pay at the end after your loan is finished. Moreover, in the bullet repayment mechanism, interest is calculated each month however its payment (along with principal repayment) becomes due only at the end of the term.
4. Regular EMI option
This is for the one who has cash inflows to the bank account monthly. It means this is for the Salaried individuals who get salary every month in their account. In this EMI amount includes both interest and principal amount pay-outs
You can pre-pay amount as per your choice. Gold loans have short repayment tenures, most with tenure of a maximum of 5 years and with an average tenure of 6 months or less. With this above option not only can you easily and quickly avail Gold loan but also pay it through our multiple payment options. You can repay your gold loan amount that you borrow from Bank/NBFC through multiple options.