Nowadays, Gold is just not a metal used for jewelry but has also converted into an asset owned by the owner of the gold which can be liquified into cash in urgent need of money. Since you would be pledging your gold, a gold loan is a secured loan with maximum safety and security of your gold and minimum rate of interest. Unlike most of the other loans, you do not need to depend upon Equated Monthly Installments (EMIs). HDFC bank has altered the repayment of the gold loan in 4 easy online methods.
Let us know about these:-
Pay off the interest in EMIs and the principal amount later-
As a borrower, you can choose to pay an amount of gold loan interest rate in monthly installments and the principal money at the end of the tenure. This kind of arrangement can be fruitful as it reduces the pressure of considerable monthly installments.
Make partial payments-
This is a customer-centric approach for gold loan borrowers. This option lets you repay the loan without getting bound to a fixed amount of EMI. you can pay the principal amount and the interest both. You can simply a gold loan online payment scheme with your lender and make partial or complete payments of interest and principal amount as per the repayment criteria you opt for.
Opting for a bullet repayment scheme-
Opting for this option means that you can repay the lump sum amount of principal rate and interest at the end of the loan tenure without paying any of the monthly installments at all. The bank calculates the ROI as per a monthly basis but you have to pay it at the end of the tenure. Note that this option is generally applicable for short term loans, typically those that you can repay in six months.
Paying monthly installments-
This is the most basic option available that is you pay equated monthly installments (EMIs) comprising of both the principal amount and interest rate. This option is basically for salary receiving borrowers i.e. an inflow of cash in their accounts every month.
You can even prepay your amount as most of the banks/NBFCs have no or minimum foreclosure charges. Be it SBI or HDFC gold loan or any other bank, it has a short repayment tenure that is a maximum of 5 years and minimum could be 1 year or less. There are various offline and online gold loan payment methods available. Ensure that you choose a payment method that best suits your requirements. Once you close your gold loan account, the concerned authority hands you over your collateral back.
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