The various ways of repaying your Gold Loan

Gold loan repayment is much easier than you think! Suppose you need a quick solution to a short-term financial challenge. Gold loans are the best option for those situations, as they can be disbursed quickly, require little documentation, and come with the lowest interest rate. Due to the emotional attachment, we prefer to pledge gold with a financier instead of selling it.

Muthoot FinCorp ONE, one of the leading NBFCs in India, offers unparalleled convenience of gold loans from the comfort of your home in 30 minutes*. You can enjoy our flexible repayment options to repay your loans before the tenure period. Click here to learn more about Muthoot FinCorp ONE doorstep gold loans.

Let us dive into the different gold loan repayment options offered by banks and NBFCs

1. Partial payments In this customer-centric approach, you can make payments of interest and principal components as and when you choose. Interest is calculated daily on the outstanding loan amount. The sooner you pay the principal amount, the more you will save on the interest. You will be in a comfortable position as you can repay according to your financial situation and there is no pressure of monthly payments.

Access the Muthoot FinCorp ONE gold loan calculator to learn more about customized gold loan schemes.

2. Repayment of the gold loan as EMI The EMI consists of the interest and a component of the principal. This scheme is ideal if you are salaried with a regular monthly cash flow in your account, and you will get quick approval. This mode of payment will reduce your interest cost and the pressure of repaying the total loan amount at the end of the term.

At Muthoot FinCorp ONE, we offer maximum loan-to-value for your gold in the market without any hidden charges.

3. Interest in EMI & Principal at closure In this option, you can pay interest monthly, like EMI, and the principal at maturity. You will be relaxed to settle the principal at the end of the tenure by just servicing the monthly interest.

4. Pay interest first With this option you can pay the interest upfront and settle the principal at the end of the term. You need not worry about any monthly payments till the end of your tenure.

5. Gold loan Bullet repayment Bullet repayment is an option to pay the principal with the interest of the entire tenure as a single shot. You need not make any payments till the end of the term. The total interest and principal are paid as one shot hence the term bullet payment.

The interest is calculated monthly but payable at the end of the term. This scheme is suitable if you can repay within 6 to 12 months, and lenders may limit the loan amount to Rs.2 lakhs, subject to conditions. Bullet repayment is not on reducing balance terms, so you may pay higher interest than other repayment modes.

How to apply for Muthoot FinCorp ONE gold loan from home? Use the Muthoot FinCorp ONE gold loan eligibility calculator to evaluate your gold against the loan amount required. Book an appointment for a doorstep gold loan . A loan manager will visit you and evaluate your gold ornaments. The loan amount will be transferred to your account quickly after approval. You can access your gold anytime, at your doorstep or from your nearest branch.

Always choose a reputed organization like Muthoot FinCorp ONE for gold loans and enjoy quick loan disbursal and the best-in-industry interest rates without hidden charges. The flexible repayment options will help you to settle the loan at your convenience. Your precious gold will be secured and always insured with us while you fulfil your requirements with the loan amount. Head to our website to book an appointment through our website www.muthootfincorpone.com

*T&C applies.

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