Ornaments made of gold are more than a fashion statement. They're a form of financial safety net that can help you get out of a bind. It is one of the quickest and easiest ways for them to assist you if you take out a loan against your gold jewellery. Loans received by pledging gold jewellery to a lender are known as gold loans.
As a result, gold loans are simple to repay, as the collateral allows lenders to grant you the loan at a lower interest rate than personal or credit card loans. Gold loan applications are also processed quickly and with a minimum of paperwork. Due to the ease with which gold loans can be processed and issued, lenders such as banks and non-banking financial companies have created four distinct types of gold loans by varying how they are repaid. Let's take a closer look at them in the following sections: -
Pay interest as EMI and principal later: This option allows you to return the interest amount according to the instant gold loan's EMI schedule, but the principal amount borrowed must be paid in full at maturity.
Regular EMI option: Designed for salaried individuals, the regular EMI Gold loan is designed for customers who get monthly cash inflows into their bank accounts. Interest and principle payments are included in the EMI amount. Because this loan is going to salaried candidates, it is also a speedy process.
Make partial payments: Make interest and principal payments in instalments as needed. In this type of gold loan repayment schedule, adherence to the EMI schedule is unimportant. For gold loan customers, this is a customer-centric strategy!
Bullet repayment: If you utilize the bullet repayment method, you must repay the entire principal and interest amount at the end of the instant gold loan's term. That's right, you read it accurately. There is no need to pay principal or interest during the loan duration!
Read Also: Gold Loan Repayment in 5 Easy Ways
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