As the maturity date of a gold loan comes closer, many borrowers wish to renew the loan and need to know the payable amount first. More than one figure may be shown in the app, and which of these matters for renewal is not clear at first glance.

Some borrowers put in a renewal request for their gold loan through an app and then wonder whether pressing one button was enough. Renewal refers to continuing the loan for a fresh term on revised terms, instead of closing it.

As a gold loan nears maturity, there might be confusion in repaying it and renewing for the next loan period due to absence of an option to renew. However, absence of such button may not determine whether the loan has been rejected or if the problem lies in having access to one’s account, availability of renewal or an outstanding renewal application. The regulated lender’s response to each case is specific to account and will clarify the issue.

A gold loan does not necessarily end with one repayment. Many borrowers renew the loan when its term ends or take a little more against the same gold. At ₹5 lakh, both these steps come with rules that affect the credit check.

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