Gold Loan is the Loan sanctioned against Gold. It provides you the High funding to fulfill your immediate need for funds like for Personal use, Business expansion, Agriculture, Wedding, and Education purposes. If you are going through a financial crisis then Gold Loan is the best option for you. As it provides you quick disbursals and instant approval. The processing of the Gold Loan is very easy for everyone. There are different repayment methods in Gold Loan and some of them are mentioned below
Pay Interest as EMI & Principal later As per the EMI schedule you can repay your Gold Loan It is one of the best options for repaying the interest amount, As per the EMI schedule of the gold loan, you can easily repay the interest amount. In full or at the time of maturity the principal amount borrowed is to be paid, and not to worry about principal repayment.
Make Partial Payments
Partial payments of both interest and principal amounts can be made as for and when you desire. It acts as a customer-centric approach for gold loan customers! Partial or even complete payment of both the interest and principal components are allowed and not depend on the preset EMI schedule. If you initially repay your principal, then your total interest pay-out, calculated daily on the amount of loan outstanding. It will help you in saving tax
Bullet Repayment: It is one of the best schemes of Gold Loan. In this, you just have to repay the entire amount of both the principal and interest amount at the end of the loan’s term. There is no need to pay principal and interest rates during the loan tenure. Only pay at the end after your loan is finished. Moreover, in the bullet repayment mechanism, interest is calculated each month however its payment (along with principal repayment) becomes due only at the end of the term.
Regular EMI option
This is for the one who has cash inflows to the bank account monthly. It means this is for the Salaried individuals who get a salary every month in their account. In this EMI amount includes both interest and principal amount pay-outs