Select Series

Tech in Finance Money Management and Financial Planning The Universe of Investments All Things Credit All Things Tax Insurance Handbook
close icon

Golden Wisdom: Managing Your Gold Loan Payments

When managing a loan against gold, you have various repayment options. The Interest-Only EMI option allows you to pay just the interest monthly and the principal at the end. Partial Principal Repayment lets you repay the principal in parts, reducing your interest burden. Easy Monthly Instalments (EMIs) spread your payments evenly over time. Partial Payments could reduce interest and shorten your loan tenure. Refinancing involves replacing your loan with a new one at better terms. Foreclosure lets you repay the entire loan early to save on interest. Use a gold loan EMI calculator to find the best option for you.

thumbnail image
conatainer-play-img
alt 8
×

Key Takeaways

Interest-Only EMI or Bullet Repayment allows monthly interest payments with a lump sum principal repayment later, ideal for future windfalls

Partial Principal Repayment with flexible interest offers strategic repayment in parts, reducing interest burden over time

Easy Monthly Instalments (EMIs) spread principal and interest payments evenly, simplifying budgeting but may initially cost more than interest-only options

Partial Payments let you occasionally pay extra towards principal, reducing interest and loan duration, but watch out for prepayment charges

Refinancing replaces your current loan with a new one, potentially securing better terms like lower interest rates

Foreclosure allows early full repayment of the loan, saving on interest charges, but ensure you have funds available

Use a gold loan EMI calculator to assess and choose the best repayment option for your loan against gold

What to Watch Next
block-card-img
New Episode
share icon
play icon
How to Start Planning Your Taxes?
block-card-img
New Episode
share icon
play icon
Tax Planning: Objectives & Advantages
block-card-img
New Episode
share icon
play icon
Maximising Credit Card Rewards and Benefits
block-card-img
New Episode
share icon
play icon
Tips for Managing Credit Card Debt Effectively
block-card-img
New Episode
share icon
play icon
How to Use Credit Cards Wisely & Avoid Debt
block-card-img
New Episode
share icon
play icon
Add ons in Health Insurance You Need to Know About
block-card-img
New Episode
share icon
play icon
Applying for a Credit Card
block-card-img
New Episode
share icon
play icon
Choosing the Best Credit Card for Your Lifestyle
block-card-img
New Episode
share icon
play icon
Types of Credit Cards 
block-card-img
New Episode
share icon
play icon
Declarations While Filing Income Tax
block-card-img
New Episode
share icon
play icon
Income Tax Slabs 2023-24
block-card-img
New Episode
share icon
play icon
Old and New Tax Regime: A Comparison
block-card-img
New Episode
share icon
play icon
Income Tax Terms for Beginners
block-card-img
New Episode
share icon
play icon
Cruising Through the Motor Insurance Claim Process
block-card-img
New Episode
share icon
play icon
Do You Know What Your Motor Insurance Covers
image not found

Check Score Now

slider-cta-arrow-img
image not found

Apply Now

slider-cta-arrow-img
Frequently Asked Questions
All
Interest-only EMI lets you pay only the interest each month and settle the principal amount later, often at the end of the loan tenure.
This method allows you to repay parts of the principal amount over time along with flexible interest payments. This could reduce your overall interest burden.
EMIs evenly spread your principal and interest payments over a fixed period, making budgeting easier. However, initial payments may include higher interest.
Refinancing involves replacing the loan you have currently with a new one, often to secure better terms such as a lower interest rate. This could potentially improve your financial situation.
A Gold Loan EMI Calculator helps estimate monthly payments for a loan against gold based on factors such as loan amount, tenure, and interest rate. This could allow you to plan your finances effectively.
FAQ Avatar

Academy Logo
Follow Us On
  • facebook icon
  • insta icon
  • linkedin icon
  • youtube icon
  • twiter icon
  • play store icon
  • apple store icon
Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2027) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)
Videos Powered by KPOINT