How Can You Save On Gold Loan Repayment Using Digital Payments

If you are looking to save on gold loan repayment using digital payments, here are the top options to consider to repay your gold loan with maximum savings.

17 Jun,2022 12:30 IST 92 views
How Can You Save On Gold Loan Repayment Using Digital Payments
Indian households often consider, gold jewellery as a “safe investment” that gives good returns in times of need. Similarly, a gold loan has become an excellent option as it allows you to borrow money against your gold assets over a certain period. It helps tackle financial emergencies by offering quick money in exchange for gold. When choosing an institution to disburse your gold loan, you need to consider their reputations, interest rates on offer, and the repayment terms.
However, you also need to prepare for repayment or gold loan online payment on time to save on the interest that accompanies gold loans.

Ways To Save On Gold Loan Repayment Using Digital Payments


Here are the top options to consider to repay your gold loan with maximum savings.

Equal Principal And Interest Payments


You can aim to pay the interest and the principal in equal amounts. The most common thing to do is pay in equated monthly instalments of EMIs. This is the best way to plan repayments and make a gold loan online payment or even offline.

Pay The Interest Amount


According to experts in loan repayment, you should pay off loan interest first. This choice is safe, and you only will have the principal left to pay off later. This option works best when you do not want the interest to linger.

Bullet Payments


Bullet payments signify payment of the entire loan amount at the end of the loan tenure. This suits borrowers who do not want monthly commitments or worry about paying interest and principal throughout the loan tenure.

Partial Payments


Leading gold loan providers allow borrowers intending secure gold loans online or offline to pay in partial slots. With the option for partial payments, you do not have to worry about monthly payments. You can pay off the loan as per convenience and liquidity.

Try The Pre-Closure Option


If you have extra savings in hand or make a windfall profit, it is always good to pay off the outstanding gold loan before the tenure ends. Pre-closure options are available on most gold loans from leading institutions. Generally, this does not attract any penalty or charges.

How To Make A Final Decision?


According to your financial situation, you can choose the method for repayments online. Planning your finances goes a big way in helping you decide on gold loan repayments. Paying loans on time also enables you to build a good credit history and create an excellent financial reputation for yourself.
It is important to check the interest rates, gold loan terms and conditions when you avail of one from any financial institution. Most reputed non-banking financial institutions will have schemes that suit every borrower according to their income level and eligibility.

Secure The Best Value For Your Gold With IIFL Finance


IIFL Finance is among the popular and highly reputed financial institutions that offer gold loan online payments to customers across India. We also offer gold loans online which you can apply for right at home! Its online facilities for gold loan repayment help customers keep a tab on all active gold loan accounts, transaction-related history, and related services. All you need to do is fill out our form. we’ll get back to you within 24 hours.

FAQs

Q1. How Do I Calculate The EMI Amount For My Gold Loan?


Ans. While planning to avail of a gold loan, it is important to understand the possible EMI amount that you need to pay. You can use the Gold loan calculator to determine the same. However, the results are subjective considering the value of gold and interest rates fluctuate.

Q2. What Forms Of Online Payment Are Acceptable For An IIFL Gold Loan?


Ans. You can pay your gold loan through major online and UPI partners including Paytm, Google Pay, PhonePe, Mobikwik, BHIM UPI, and more. You can also download the IIFL app through your app store, log into your account, and pay the EMI amount.

Q3. Can I Pay My Loan Amount Or Interest At Any IIFL Finance Gold Loan Branches?


Ans. Yes, you can visit your nearest IIFL branch to pay the interest or principal amount instantly by Cash.

Q4. How Do I Repay My IIFL Gold Loan?


Ans. IIFL Gold loans offer flexible payments, quarterly and monthly and repay the principal amount at the tenor’s end. You can also pay the interest and the full amount later or as EMIs.

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