Gold Loan Repayment in 5 Easy Ways

 Gold loans are the most convenient form of loan as it does not require credit history. You may be hesitant on considering to put up your gold ornaments as a collateral cause of repayment options. But, the gold loan repayment procedure is very easy and hassle-free that takes your stress away. Several citizens of India already have the golden ornaments or actual gold in the form of gold biscuits, through which they can avail of a gold loan.

However, there are a lot of misconceptions about the repayment method of a gold loan. Hence, you knowing about the various repayment options will enable you to reconsider the option of gold loans.

Easy Repayment Options for Gold Loans

People are often fearful of the repayment procedure of loans and rightfully so and it is something that you should not take lightly. You need to be mindful of a few things while returning the principal amount along with the interest. It is important to consider all the options at your disposal, before choosing a loan policy. Having a proper understanding of what is gold loan will help you in selecting a proper lender. Here are five easy ways in which you can repay your debt.

• Repaying the interest and the principal amount equally - You can avail of an EMI payment plan, which allows you to pay your debts on a monthly instalment.

• Paying off the first interest - By paying off your first interest, you get breathing room and help you pay the principal amount, later.

• Thinking about bullet payment - With this way, you will get a choice to pay off the entire amount at the end of the tenure.

• Researching about partial payments - Knowing about partial payments will enable you to select the best lender for your gold loan. It helps you pay the partial amount and pay the other part at the end of the tenure.

• Looking out for pre-closure options - You will be able to pay off your entire debt if you have the amount before the tenure date.

Read Also: Know Flexible Repayment Options for Gold Loan

Hence, these steps will help you repay your gold loans very conveniently. You can also consider a bank or NBFC that gives you the option of a gold loan for 1 gram. This will help you to get more funds per gold ornament or item. You can also try out Bajaj Finserv gold loan services to avail of such a loan at feasible interest.