5 Ways To Save On Your Gold Loan Online Payments
While repaying gold loan amounts, there are 5 effective ways to follow which will help you to save on your gold loan online payments. Know more details here.
Gold jewellery is considered a safe investment for many Indian households. It provides a good cushion during a financial crunch. Therefore, gold loans have turned into popular options for borrowing money against gold assets for a certain period.
When you choose an institution for disbursing a gold loan, you must consider their reputation, the rate of interest on offer and the terms of repayment. Furthermore, you must prepare for gold loan online payment as well. This helps you save big on the interest linked to a gold loan.
Top Five Ways To Save Big On Gold Loan Online Payment
The top options available to repay your gold loan for maximum savings include:
1. Equated Principal And Interest Payment
You can pay a fixed amount of principal and interest for your gold loan every month. EMIs help you save on penalties or extra charges on the gold loan online payment or even offline payments.
2. Pay The Interest Amount
As per experts in loan repayment, paying off the interest first is a good option. This is a safe bet, and you will simply be left with the principal payout.
3. Bullet Payments
This is where you pay the entire amount at the end of the loan tenure. Bullet payments are a suitable option for borrowers who don’t want a monthly obligation around paying principal and interest over a fixed term.
4. Partial Payment
Several gold loan providers offer borrowers scope to pay off the loan in slots. You can pay the loan amount as per your convenience and liquidity in hand.
5. Pre-Closure Of Loan
You can simply make the gold loan online payment before the end of the loan tenure when you have some additional savings in hand. Pre-closure does not attract any penalty or extra charges.
What’s The Best Way To Pay Your Gold Loan?
You can choose one of the gold loan payment methods per your financial situation. Planning your finances helps you decide on the way the gold loan online payment works best for you.
Timely loan repayment helps build a good credit history and a decent credit score. You must be aware of the gold loan interest rates, gold loan tenure and other conditions when you apply for a gold loan from any financial institution. Most trustworthy non-banking financial institutions will have gold loan plans that suit each borrower as per the income level and eligibility.
Get The Best Value For Gold With IIFL Finance
IIFL Finance is one of the most reputed financial institutions offering gold loan online payments to customers all over India. It also provides options for gold loan repayment online and also helps customers monitor their active gold loan accounts right from their homes. If you need a gold loan, simply fill out our form online or download the IIFL app.
Q1. How To Calculate The EMI Amount For A Gold Loan?
Ans. Simply use the gold loan calculator on the IIFL Finance website to calculate your EMI against a specific loan amount.
Q2. What Are The Online Payment Modes Acceptable For The IIFL Gold Loans?
Ans. You can pay your gold loan or make EMI payments via all online and UPI modes such as Paytm, Google Pay, PhonePe, Mobikwik, and BHIM UPI.
Q3. Can I Pay The Amount Or The Interest At An IIFL Finance Gold Loan Branch?
Ans. Yes, you can do so and pay the amount in cash at the nearest IIFL branch.
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